This chart shows Gross Domestic Product (GDP) between 2010 and 2030 for 4 scenarios: (1) no carbon price, (2) a low carbon price, (3) a medium carbon price and (4) a high carbon price. (Chart 3.32 from a Treasury report)
The Murdoch Daily Telegraph took a bunch of numbers concocted in Environment Minister Greg Hunt’s office, based on this Treasury report, and produced the screaming headline “ALP’s $600B Carbon Bill”…. The story was full of “shocking predictions”: “Economic growth shattered”, “Thousand of jobs lost”, and “a devastating blow to the economy, slashing thousands of jobs”.
Treasury wrote that the economic effects of all scenarios considered “are small compared with the ongoing growth in GDP” (p. 72).
This article details, in a simple way, the blatant misuse of statistics behind the claimed $633 billion cost of the ALP climate policy.
The Conversation: 18 August 2015
Key Words: OzPolitics