Modelling released today has confirmed that Labor’s reckless emissions reduction target will be a wrecking-ball through the Australian economy.

The work, released by BAEconomics’s Managing Director Dr Brian Fisher, shows that Labor’s 45% Emissions Reduction Target and 50% Renewable Energy Target will:

  • cost the economy $472 billion,
  • slash more than 336,000 jobs,
  • cut the average wage by over $9,000, and
  • increase wholesale electricity prices by more than 58%.

This is further proof that under a Bill Shorten Labor government, Australians will be poorer. Bill Shorten says Australians deserve a pay rise. Instead, he is promising them a massive pay cut.

Under Labor, Australians will pay more. We will pay more for basic necessities like food, housing, energy and transport.

And it will be harder for Australians to find a job under a Shorten Labor government.

Labor’s targets will send energy-intensive industries offshore, where they will face less stringent environmental and safety regulations, driving global emissions up.

Bill Shorten has never come clean with Australians about the true damage of Labor’s reckless targets on household budgets, small businesses, wages, industries and local economies. Now we know why.

Bill Shorten needs to come clean.

Which industries will he close first? Will it be agriculture or aluminium, mining or manufacturing? Which jobs will he export overseas first?

Labor’s reckless targets will punish Australian families already struggling with cost of living pressures, and destroy the industries that have made our economy strong.

Only the Morrison Government has a sensible and balanced plan for meeting our emission reduction commitments. Only the Coalition can be trusted to keep our economy strong, to bring power prices down, and keep the lights on.