Statement by BCA President Graham Bradley

The introduction of the Carbon Pollution Reduction Scheme (CPRS) in Australia is of such fundamental importance and long-term consequences that it requires bipartisan support.

The BCA therefore welcomes the agreement between the government and the Opposition today on significant amendments to the CPRS legislation.

Both the Opposition and government should be commended for working together constructively to reach this agreement on an issue as complex and far-reaching as Australia’s response to climate change.

When passed, the legislation will enable Australian businesses to plan for and make the required decisions about investments to transition Australia to a low-emissions economy.

The proposed amendments provide additional arrangements to address many of the outstanding details related to the coal, electricity and emissions-intensive, trade-exposed (EITE) industries as identified by the BCA over many months.

Amendments include increased assistance to the electricity sector that should aid in ensuring reliability of supply, and additional funds will go some way in mitigating the impact of the scheme on Australia’s gassy coal mines. The further changes to EITE arrangements will assist in reducing competiveness risks.

The BCA will continue to work constructively with the government and Opposition on the details of the legislation and the regulations in pursuit of its objective to give Australia a scheme that preserves international competitiveness and does not unnecessarily cost Australian jobs.