could cost the equivalent of at least $4500 per household by 2030, based on a $255 carbon price, according to indicative modelling by the IMF that underscores the sobering challenge facing consumers and businesses in coming years.
But despite those measures, the IMF repeatedly warns that Australia will need “significant policy effort” to cut emissions by the 28 per cent this decade needed to reach the 2030 target . The target was passed into law last year by Labor, the Greens and independent Senator David Pocock.
Given households currently use around 18 tonnes of carbon per year, the IMF’s most extreme calculation implies the burden would be about $4500 each by 2030. The timing of such a recommendation is almost laughable, given the government’s current political priority is on short-term reductions in energy costs.
The recommendations come as Climate Change and Energy Minister Chris Bowen rushes to legislate a Safeguard Mechanism trading scheme by the end of next month, and presses ahead with athat would discourage carmakers from importing larger SUV and ute-style vehicles in favour of EVs and hybrids.
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