…feel the long-term trajectory.
There’s already a great deal of insta-reaction to the Clean Energy Future online – you can try Climate Spectator or Crikey for some analysis if you like. Or you could start by reading the actual policy document.
There is a great deal of pork here directed at the coal, steel, and coal-fired electricity sectors – though some of the direct “industry assistance” is actually outside the multi-party climate change agreement, and as such will presumably require the Opposition to get it through Parliament. Farmers get all of the upside of carbon farming, with none of the downside of paying for their own emissions. The exemption of transport fuel is a distortion which will have to be dealt with later – as the plan stands, diesel used for rail transport is covered by the carbon tax, while diesel used in trucks and buses is not! And so on.
But the pork is temporary. The pricing of carbon is – unless we get an Abbott government with control of both houses of Parliament in 2013 – permanent.
Elsewhere: Garnaut’s statement on the package.
More: Quiggin’s insta-view – generally favourable, and making the point that the industry assistance doesn’t remove the incentive for those companies to decarbonize.