Australia’s new climate change regulations could cost businesses more than $200 million a year

Posted October 04, 2019 05:10:23A new Australian government policy to curb greenhouse gas emissions could cost the economy as much as $200 billion a year in lost income, according to new research.

Key points:Australia’s new carbon price will be introduced in April 2019The new rules will increase the amount of money that can be spent on marketing to increase awareness of the issueClimate change is the biggest driver of emissions and a key driver of the global climate change crisisAustralia is set to impose its first carbon price in about three decades and introduce a range of other policies aimed at reducing emissions.

Key facts:The Australian government wants to reduce Australia’s greenhouse gas (GHG) emissions by 40 per cent by 2030.

The new carbon pricing will set a new target for the amount that businesses will have to spend on marketing, which will be capped at $200 per year.

In the past, businesses were able to spend more on marketing if they had the resources to buy advertising.

Now, businesses are only allowed to spend up to $250 on advertising.

The policy also allows the government to impose limits on the amount they can spend on “marketing assistance” to boost awareness of climate change.

“These policies will significantly increase the cost of marketing and awareness of this important issue, while also reducing the risk of climate-related damage,” said Environment Minister Greg Hunt.

The carbon pricing is part of the Turnbull government’s carbon reduction plan, which aims to reduce greenhouse gas levels by 40 percent by 2030 and cut Australia’s emissions by up to 50 per cent in the first decade.

Mr Hunt said the new policy was an important step to address the problem.

“The new policy will have a significant impact on the way that businesses, consumers and communities can make informed choices,” he said.

“We want to make sure that our climate-sensitive economy works for everyone and that all Australians benefit from the opportunities this means for economic growth and prosperity.”

In recent years, the Turnbull Government has taken a number of steps to combat climate change, including implementing the National Action Plan to reduce emissions by 25 per cent from 2020.

The Climate Change Authority, an independent body which advises the government on climate change policies, said the policy was a “step in the right direction”.

“The policy will help businesses increase their awareness of carbon emissions, but it will also help increase their ability to make informed decisions about what they buy and how they use their money,” said the group’s chief executive, Simon O’Brien.

“By making the policy more easily accessible, consumers can also have a better understanding of the risks associated with their decisions and be more aware of how much they can afford to spend.”

The Climate Action Authority said the carbon price would be effective in reducing the costs of carbon and will provide an incentive for businesses to invest in new technologies and infrastructure.

“Businesses will see their costs to invest more in new technology and new infrastructure fall, which means they will be more competitive in the global market and therefore be able to generate more revenue from their operations,” it said.

The Australian Competition and Consumer Commission (ACCC) said the move would make it more difficult for businesses with the most carbon emissions to compete for government funding.

“It will make it harder for business to secure funding from the federal government for projects that may not be financially viable, or for projects they believe are unlikely to be viable in the long term,” it warned.

Topics:environment,climate-change,business-economics-and-finance,business,government-and–politics,government,australiaFirst posted October 03, 2019 15:55:54Contact Greg WaddellMore stories from New South Wales