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

As I was saying, the core policy scenario in the Treasury modelling assumes that countries meet the low-end commitments for 2020 that they made at the Copenhagen and the Cancun conferences. This is the equivalent of assuming Australia will meet its bipartisan five per cent target by 2020. I remind those opposite that it is like assuming this nation will meet the target that both parties have committed to, although I note at this point that the opposition's policy to meet the five per cent will, in fact, cost more. It will cost $1,300 per year per Australian household. It is a policy which will increase expenses for Australian taxpayers. The approach taken by Treasury is the same approach taken in comparable modelling exercises by organisations such as the OECD, and the commitments on which this is predicated are the clearest evidence that we have of what other countries intend to do to tackle climate change. (Time expired)