asked the Minister representing the Treasurer, upon notice, on 18 August 2011:

With reference to the Treasury Carbon Tax modelling, Strong growth, low pollution: Modelling a carbon price, does Treasury modelling assume unlimited global banking and borrowing of permits over time and is it correct that as a result:

(a) the global carbon price is in fact smoothly determined over the next 40 years by a global emissions reduction path determined by a 'Hotelling rule'; and

(b) different countries' emissions allocations in the modelling (based on Cancun 'pledges' to 2020 and a 'multistage allocation rule' thereafter) are in fact irrelevant to the determination of the global carbon price in the model.