Emissions Trading Scheme is not a true market: Tony Abbott

This article was last updated on April 16, 2022

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Opposition Leader Tony Abbott has taken the lead to criticize and discourage Labor party’s plan to move to an Emissions Trading Scheme (ETS) on year early. Talking to the media in south-west Sydney, Abbott argued that ETS is not a true market.

“Just ask yourself what an emissions trading scheme is all about. It is a so-called market in the non-delivery of an invisible substance to no one,” he maintained.

The Labor party has decided to eliminate the carbon tax one year early. The tax relief would move the present fixed carbon price of $24.15 a tonne to the floating European price, at present about $6 a tonne, on July 1, 2014. The plan has faced harsh opposition.

According to Treasurer Chris Bowen, the decision might ease cost of living pressures but would drastically hit the federal budget. Bowen did not clarify whether or not Parliament would be recalled to comment on the changes before the federal election.

“[Mr Rudd is] proposing to change the name but not to actually abolish the tax. This is fake change,” Abbott said.

Responding to Abbott’s rejection, Finance Minister Penny Wong criticized his ability of making comments on serious topics. Wong raised concern over Abbott’s apt for analyzing national matters.

“What we had from Tony Abbott today was another example of why he’s simply not up to the task of being Australia’s prime minister. A man who thinks that climate change is, in his words, absolute crap, now mocking the very design that John Howard himself put forward to deal with climate change,” said Wong.

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