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Renegade Economists Podcast 86

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As broadcast on the almighty www.3cr.org.au on Wed April 22nd.

Down under, upside down view of the world and the economics that sculpts it as we interview Environmental Lawyer Kim Lovegrove on the Carbon Pollution Reduction Scheme and lay out the future litigative pathway some babyboomers will face. Like the boomer track? Pension Tension by Cactus on Fire

Download the legal summary of the CPRS Bill from Lovegrove and Lord

Show Notes:

Emissions targets to be part of the Budget

To be budgeted out of existence? Britain has decided not to buy up carbon credits but to reduce emissions domestically

The Government will next week announce a groundbreaking, legally-binding target to cut Britain’s carbon emissions by at least 34 per cent by 2020 to combat climate change.

Ed Miliband, the Energy and Climate Change Secretary, told The Independent yesterday that the Government would not achieve the target by buying large amounts of “offsetting” credits – effectively paying poor countries to cut carbon on Britain’s behalf. Instead, it will cap the proportion of the target that can be achieved by offsetting.

“I want to achieve as much as we can through domestic action,” he said. “There will be a cap on credits from overseas. We are going to be sending a strong signal about that.”

Peter Barnes on Cap and Dividend

Great Australian scream – Jessica Irvine

Labor has done an about-face on housing policy. The contrast between pre-election posturing and the reality in government is stark. Nearly two years ago, the then Labor opposition hosted a “housing affordability summit”. About 150 housing experts from all over the country braved Canberra’s winter to discuss solutions to the housing affordability crisis.

I was there. While there was little agreement on what needed to be done, delegates were unanimous on what should not be done. Everyone agreed that increasing the first home owners’ grant would simply result in higher house prices.

Labor seemed convinced and produced a discussion paper quoting ANZ chief economist Saul Eslake as saying: “Anything that puts additional cash in the hands of buyers … results merely in more expensive houses.” As the paper concluded: “It is important that policy proposals designed to assist first home buyers are economically responsible so that the benefits are not eroded through additional pressure on house prices.”


och wish we had time to get stuck into this Labor flip flop. Thankfully it sounds like Rudd today put out the fire that the FHOG will be extended. Let’s hope it doesn’t start a torrent of young bucks trying to use it before the cut-off.

Music

Pension Tension – Cactus on Fire
Lisa Jerrard & Jeff Rona – Crazy Horse
Karl Hector & the Malcouns – Sahara Swing

Wish We Had Time to Discuss

Rio Tinto executive payout ‘a kick in the guts’

Aluminium division head Dick Evans will receive around a $16m golden handshake when he leaves Rio Tinto soon.

A union says sacked Rio Tinto workers in Gladstone in central Queensland are angry about a multi-million-dollar payout to a retiring executive.

600 workers at Rio Tinto Alcan will lose their jobs in Gladstone.

Australian Workers Union (AWU) spokesman Tony Beers says the payout only adds to their hurt. “Workers are saying this person is the person responsible for the financial predicament that Rio Tinto now find themselves in.”

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