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The Case For Carbon Pricing – Treasurer’s Economic Note

Every Sunday, Treasurer Wayne Swan publishes an Economic Note dealing with issues of the day.

Today’s Note deals with the carbon pricing scheme that begins operation next weekend. It’s a well-argued piece that highlights the abject political failure of the government to prosecute its case with the electorate.

By all accounts, former prime minister Kevin Rudd was prevailed upon by Swan and Julia Gillard to drop the Emissions Trading Scheme in 2010. Since then, Gillard’s unconvincing meanderings on the issue, of which the alleged carbon tax ‘lie’ is just one element, have seen the government’s credibility on climate change issues destroyed.

Despite attempts to blame Opposition Leader Abbott and the media, the failure is a political one by a government that lacks the personnel with the political skills to build community support for its programs.

Treasurer’s economic note

I’ve always believed that markets offer the most effective way to create prosperity across the economy. Individuals and businesses make their own decisions about what to buy and what to sell, how much to spend and how much to invest, and where their time, energy and money is directed. This is the best way to encourage investment, drive growth and generate jobs. But of course markets are far from perfect. They don’t always work as they should. That’s why we need laws and regulations to try to make markets work for everybody. One example is pollution. At the moment, big polluters in Australia can release as much carbon dioxide and other greenhouse gases into the atmosphere as they want. They don’t pay a cent. The real cost of this pollution is borne by all of society. And ultimately – without necessary action – it will be a cost paid by our children, grandchildren and future generations. [Read more…]