To see what extend Australia is in, the following mentions Australia’s position in carbon emissions. Australia, which is a developed nation and a member of the OECD, currently holds the record for being the nation with the highest carbon dioxide emissions per capita among other developed nations (Garnaut 2011). According to Garnaut , Australia emits 26.7 tonnes of greenhouse gasses per-person per year compared to other developing nations such as Luxembourg, United states, Canada and Ireland which emits 26.1, 23.1, 20.6 and 16.5 tonnes respe...
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...DP. So in reality, we can see a total net increase in GDP after the implementation of the carbon tax. It is said that the plan will raise around $27.3 billion over the first four years and will cost $31.6 billion (Oliver 2011). This in addition to the over compensated benefit payments to lower income families would stimulate the economy and this is why we see no reason to change our GDP growth forecasts at this stage compared to pre-carbon tax introduction.
In conclusion, it is economically viable and necessary for the carbon tax to be implemented, which would reduce carbon emissions in Australia. The Australian public would not be greatly affected by the rising cost. Over time, with a price being put on carbon, investment in clean energy and growth in cleaner industries will likely offset reduced investment and slower growth in dirty energy and sectors.
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