Managing Macroeconomic Policies for Sustainable Growth
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Managing Macroeconomic Policies for Sustainable Growth

John Asafu-Adjaye and Renuka Mahadevan

The authors expertly reveal a model-based analysis of economic development and environmental issues with policy prescriptions for enhancing sustainable development. Within the last four decades, there has been a rapid deterioration in the quality of our environmental and natural resources, raising grave concerns about the sustainability of unbridled economic growth. In light of these concerns, the authors analyse a range of economic and environmental issues, and propose policy recommendations that would enhance sustainable economic growth. The book covers a variety of issues related to economic development, trade, energy and climate change, and focuses on countries in the Asia-Pacific region including Australia, Thailand, Papua New Guinea and Fiji.
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Chapter 7: An Analysis of Australian Greenhouse Gas Policy

John Asafu-Adjaye and Renuka Mahadevan

Extract

7. ______________________________________________________ 7.1 INTRODUCTION Reducing emissions levels has been at the top of the policy agenda of the current Australia Labor Party (ALP) government. In December 2007, the Honourable Kevin Rudd swept the party into power at the polls on the back of a promise to take action on climate change, which he referred to as the greatest moral challenge of our time. On being sworn into office in December 2007, one of the first actions he took as Prime Minister was to sign the Kyoto Protocol. This was something his predecessor, John Howard, had persistently refused to do. While in opposition, the ALP commissioned Professor Ross Garnaut to conduct an independent review on Australian energy policy (Garnaut, 2008). After winning the 2007 federal election and forming government, Labor published a Green Paper on the Carbon Pollution Reduction Scheme (CPRS), a cap-and-trade system of emissions trading to be introduced in 2010. Legislation for the CPRS, also known as the Emissions Trading Scheme (ETS), was introduced in Parliament where it failed to garner adequate support and was twice rejected, creating a double dissolution election trigger in December 2009.1 However, the Rudd government failed to call an election on it as the idea lost public support and the Liberal/National opposition attacked it as a great new big tax. Labor then decided to defer the CPRS until the end of the Kyoto Protocol in 2012. For much of his first two years in office, Kevin Rudd was confirmed by opinion polls as the most...

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