Modelling recently released has confirmed that Labor’s reckless emissions reduction target will be a wrecking-ball through the Northern Territory economy, Country Liberals Senator for the Northern Territory, Nigel Scullion, said.
The work, released by BAEconomics’s Managing Director Dr Brian Fisher, shows that Labor’s 45% Emissions Reduction Target and 50% Renewable Energy Target will:
- cost the economy $472 billion,
- slash more than 336,000 jobs,
- cut the average wage by over $9,000, and
- increase wholesale electricity prices by more than 58%.
“This is further proof that under a Bill Shorten Labor government, Territory families and businesses will be poorer. Bill Shorten says Australians deserve a pay rise. Instead, he is promising them a massive pay cut,” Senator Scullion said.
“Under Labor, Territory families and businesses will pay more. We will pay more for basic necessities like food, housing, energy and transport.
“And it will be harder for the Territorians to find a job under a Shorten Labor government.
“Michael Gunner’s incompetent and inept management of the NT economy has sent the NT broke with businesses closing and Territorians losing their jobs. We all see how the Territory is suffering under NT Labor and we can’t let Bill Shorten do to the nation what Gunner has done to the NT,” Senator Scullion said.
Labor’s targets will send energy-intensive industries overseas, where they will face less stringent environmental and safety regulations, driving global emissions up.
“Bill Shorten has never come clean with Territorians about the true damage of Labor’s reckless targets on household budgets, small businesses, wages, industries and local economies. Now we know why.
“Territorians have a right to know the truth about Labor’s targets,” Senator Scullion said.
“Labor’s reckless targets will punish Territory families already struggling with cost of living pressures under the Gunner NT Government, and destroy the industries that have made our economy strong.
“Only the Coalition Government has a sensible and balanced plan for meeting our emission reduction commitments.
“The Coalition Government announced this week a $3.5 billion Climate Solutions Package to reduce emissions across a range of industries.
“The $2 billion Climate Solutions Fund will partner with farmers, local governments and businesses to deliver practical climate solutions across the economy that reduce emissions.
“Farmers will be supported to revegetate degraded land and drought proof farms while small businesses will benefit through support to replace lighting, air conditioning and refrigeration systems to help reduce energy costs. Remote Indigenous communities will be supported to reduce the severe bushfires in rural and remote areas creating employment for Australians who live on country. Local communities will benefit through support to reduce waste and increasing recycling rates.
“We will meet our target with direct, on the ground action across the economy, and we will help people by creating jobs and investing in the community.
“Australia will meet its international climate targets without wrecking the economy. Our policies will create jobs, not destroy whole sectors of the economy or push up power prices, like Labor’s reckless targets will do.
“Only the Coalition can be trusted to keep our economy strong, to bring power prices down, and keep the lights on.”