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Tuesday, 13 May 2008
Page: 1

Senator Cormann asked the Minister representing the Prime Minister, the Minister representing the Treasurer, the Minister for Climate Change and Water and the Minister representing the Minister for the Environment, Heritage and the Arts, upon notice, on 12 February 2008:

With reference to the pre-election commitment that the Government will set a new 20 per cent renewable energy target to be met by 2020 and a further target to reduce Australia’s greenhouse gas emissions by 60 per cent by 2050:

(1)   Has any modelling been conducted by any of the Minister’s portfolio agencies to assess the economic impact of either of the targets, specifically on how it would impact on inflation; if not, why not; if so:

(a)     Have findings of that modelling been presented to the Government and/or the Minister;

(b)     What were these findings;

(c)     Has the Minister endorsed these findings; if not, why not.

(2)   When will the findings of any economic modelling referred to in paragraph (1) be made public.

Senator Wong (Minister for Climate Change and Water) —On behalf of all ministers, I provide the following answer to the honourable senator’s question:

(1)   The Government’s economic modelling of the macroeconomic, sectoral and distributional impacts of possible greenhouse emission reduction targets and trajectories on the Australian economy including the 20 per cent renewable energy target and inflation is being undertaken by the Treasury. In response to (a), (b) and (c), the modelling is still underway and no results have been presented to Government.

(2)   The modelling around greenhouse emission reduction targets will feed into the Garnaut review, which is due to release its draft report by 30 June 2008.