Jo Nova on the de facto carbon tax that we have to have.
Soon, Australians are likely to be sending real money overseas and getting back paper certificates at prices set by the EU.
The legislation was snuck through just before Christmas 2015, buried under the name “Safeguard Mechanism”. It cost about $7m in the first year. But sits ticking, ready to blow-up into a billion-dollar monster any day. If Labor is elected, it won’t matter whether it has Senate control or not, the minister can just “press a button”, change the caps, and lo, the money will flow to foreigners for certificates based on intentions about atmospheric nullities — for emissions they might have made but didn’t. We’re paying to change the global weather. We could be the stupidest rich nation on Earth. But really, we’re just not paying attention.
The 35 billion dollars we will spend on these useless, fraud-prone certificates is $35 billion we are taking out of the Australian labor market, or not spending on medicine, books or holidays in Bali. Angus Taylor, Minister for Energy, has noticed that this means $10b less tax will be paid too, which means less money for hospitals and schools.