Australia's 3rd Largest Economy

A new choice: Australia’s climate for growth

17-Nov-2020 15:49 | Tracy Dawson (Administrator)

Deloitte Access Economics has been a leader in shaping reform debates over many decades. Now we bring our expertise to the wicked problem of climate change – and the economics of it. This topic has been the subject of debate, misconstruction, and genuine complexity.

At the core of the issue on climate change is the assumption that unconstrained emissions (and therefore warming) are compatible with economies which can grow forever. But, based on the science, this is not possible. Yet this has been the benchmark of economic analysis and the basis for assessment of any actions to solve for climate change.

Deloitte Access Economics has constructed a view of the Australian economy where inaction, or mis-action, in preventing climate change causes damage to the Australian economy. Climate change is no longer a scenario, but instead becomes the baseline for the economy.

While inaction will have the effect of curtailing Australia’s economic growth to the tune of $3.4 trillion and 880,000 fewer jobs in just 50 years, there is an upside – a new choice that Australia can make to create a new climate for growth. And the payoff? A bigger economy –$680 billion bigger – with 250,000 more jobs in just 50 years. Download the report

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