Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

The Treasurer has provided the following answer to the honourable senator's question:

The 2008 Government report Australia’s Low Pollution Future: The Economics of Climate Change Mitigation provided details of modelling of the effect of a carbon price on the economy. One of the scenarios modelled in that report, labelled ‘CPRS-5’, incorporated information on scheme design from the Carbon Pollution Reduction Scheme Green Paper and was calibrated to achieve a carbon mitigation target of 5 per cent below 2000 levels by 2020 and 60 per cent below 2000 levels by 2050. The impact of pricing carbon on total food production was not separately identified. However, that report contained economic projections for a number of industries that produce food.

Table: Gross Output, by sector, 2050- CPRS-5 Scenario