Bill Shorten won’t outline costs of Labor’s climate change policy

Bill Shorten refuses to outline the cost his climate change policy costs will have on the economy, business, energy prices or GDP.

Leader of the Opposition, Bill Shorten during the launch of Labor's Climate Change Action Plan in Canberra. Picture: Kym Smith

Bill Shorten has refused to outline the cost his climate change policy will have on the economy, business, electricity prices or GDP growth.

Scott Morrison and other Liberal ministers have slammed Labor’s climate plan as a new version of the carbon tax and their use of international carbon credits could take $35 billion out of the Australian economy.

The Opposition Leader today refused to answer direct questions outlining the costs of his policy, but said he would not make any changes to fuel excise and claimed the cost of not acting on climate change would be even greater.

“What is the cost of not taking action on climate change? It is huge,” he said in Canberra.

“It was estimated that last year, $18 billion is the cost of the extreme weather events we’ve been having in insurance, in property values, in damage, in lost production.

“I have no doubt that we will put downward pressure on energy prices.”

Opposition climate spokesman Mark Butler then said there would be no change to real GDP growth.

“Over the course of the 2020s, real GDP growth will be around 23 per cent,” he said.

Labor launches its climate policy in Canberra. Picture: Kym Smith

“If anything, energy costs under our target will be lower because there will be much bigger drives to energy efficiency and there will be a substantial positive investment under our policy as well.

“So there is no difference in real GDP growth over the course of the 2020s. The difference, though, is that we’re taking action consistent about what is necessary to keep global warming below two degrees and realising that damages bill for future generations.”

The Prime Minister earlier labelled Mr Shorten’s climate plan a “re-Rudd of failed policy” and says it would cost businesses $35 billion to buy international “carbon credits from Kazakhstan.”

“Bill Shorten does not have a plan, he just has another tax,” he said.

“What we’ve got here is a re-Rudd of failed policy that cost jobs, that cost businesses, that will cost Australians at least $9,000 a year with the reckless targets that Bill Shorten will make law.

“It’s a massive tax on jobs. It’s $35 billion that Australian companies, companies are going to have to spend, sending money offshore to foreign carbon traders, carbon credits from Kazakhstan.”