Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

Addressing climate change is a long-term growth strategy. It is very important that we put in place the policy settings to address climate change. From an economic perspective, climate change is a market failure. Emitters do not bear the full cost of their emissions, so we need a range of policies to reduce emissions. That is why the Treasury is engaging in climate change modelling. That is why there is independent academic analysis out there at the moment from Mr Garnaut. That is why there is other analysis here and abroad. Treasury’s climate change modelling is expected to be completed by mid-June and will be informed by a range of international and domestic experts. Finally this country has a government that is determined to address climate change.

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