Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Hansard source

They seem to be doing okay, mate. The Leader of the Opposition’s former bank, Goldman Sachs JBWere, have calculated the earnings impact of the revised CPRS on the S&P ASX 100 and shown that, far from putting companies in the financial trouble that the coalition would have you believe, the CPRS would have a negligible financial impact on Australian companies in the early years.

The Chairman of the Investor Group on Climate Change, which represents investors with about $550 billion under management—including AMP Capital, Colonial First State, Goldman Sachs JBWeir and Merrill Lynch—said the following:

“Investors see no material earnings risks for emissions-intensive, trade-exposed companies from the early years of a … (CPRS),”

He went on to say:

“The Government’s proposed CPRS has sufficient compensation to ensure that company profits and existing investors will not be impacted over the short to medium term,”

So said Mr Frank Pegan of the Investor Group on Climate Change, and that is reported today on the front page of the Australian Financial Review.

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