In its submission to the 2007–08 federal Budget, the BCA set a goal for Australia to lift its living standards into the top-five band of the world’s developed economies by 2012 and in the process, provide additional opportunities and the means to pass on prosperity to future generations.
Such an economic growth goal is not at odds with effective environmental management, but does require reforms aimed at ‘internalising’ environmental costs and risks, most notably with regard to greenhouse gas emissions and the risks associated with climate change.
However, the introduction of such reforms, in the absence of a global response, must not disadvantage Australia’s competiveness and must ensure a smooth, long-term transition to a low-emissions economy in line with global action.
The federal government is taking a leadership role in establishing clear national policy, governance and legal frameworks that facilitate the reduction of greenhouse gas emissions and prepare Australians to adapt to the possible impacts of climate change.
The Garnaut Review, through the release of a number of papers and an interim report, has highlighted a number of critical issues and possible responses.
This submission aims to contribute to this review.