Modelling released today has confirmed that Labor’s reckless emissions reduction target will be a wrecking-ball through the economy on the Mornington Peninsula.
The work, released by BAEconomics’s Managing Director Dr Brian Fisher, who served as a chief adviser on climate policy in the Hawke, Keating and Howard Governments, shows that Labor’s 45% Emissions Reduction Target and 50% Renewable Energy Target will:
- cost the economy $472 billion,
- slash more than 336,000 jobs,
- cut the average wage by over $9,000, and
- increase wholesale electricity prices by more than 58%.
This is further proof that under a Bill Shorten Labor government, families and businesses on the Peninsula will be poorer. Bill Shorten says Australians deserve a pay rise. Instead, he is promising them a massive pay cut.
“Under Labor, families and businesses on the Mornington Peninsula will pay more, including for basic necessities like food, housing, energy and transport,” Minister Hunt said.
“Bill Shorten has never come clean with Australians about the true damage of Labor’s reckless targets on household budgets, small businesses, wages, industries and local economies. Now we know why.
“Under Labor’s targets, wholesale electricity prices will increase by more than 58%, which will result in a cut of more than $9,000 to the average wage.”
“Unlike Labor’s tactics, the Coalition Government will ensure we will meet our global commitments, and do what is right for our environment, without taking a wrecking ball to the economy.
“We will meet our commitments in practical ways by working with land holders, farmers, businesses and indigenous communities.
“There will be further announcements ahead but as part of the $3.5 billion Climate Solutions Package, we will invest a further $2 billion in the Climate Solutions Fund.”
The Climate Solutions Fund will build on the success of the Emissions Reduction Fund (ERF) which has contracted 193 million tonnes in emission reductions.
Only the Morrison Government has a sensible and balanced plan for meeting our emission reduction commitments. Only the Coalition can be trusted to keep our economy strong, to bring power prices down, and keep the lights on.