Nick Sherry (Tasmania, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

I am glad the National Party senators are at least listening. Unmitigated climate change would lead to falling wages and rising prices, reducing the level of consumption for every Australian by around $5,700. The International Energy Agency has estimated every year of delay would cost the world economy some $500 billion. They are just some of the economic costs of doing nothing. Our economic prosperity is at risk. The impact of climate change on infrastructure alone would reduce our GNP by nearly 2½ per cent this century.