The finalisation of legislation and development of an implementation framework for the Carbon Pollution Reduction Scheme is taking place at a time of a sudden and severe downturn in the global economy.

This has brought significant uncertainty about Australia’s economic outlook in the short and medium terms.

Legislation for an emissions trading scheme and its implementation – especially in the early years – will require a tailored approach aligned to global and national economic conditions and designed to ensure Australia’s industry and employment opportunities are not adversely impacted.

Further, it has not been possible to fully consider the economic implications of the CPRS, because many key elements remain unresolved and will not be available for review until the draft regulations have been provided.

Submission on the Exposure Draft of the Legislation to Implement the Carbon Pollution Reduction Scheme