E&OE TRANSCRIPT
DOORSTOP INTERVIEW
CANBERRA
TUESDAY, 25 FEBRUARY 2020

SUBJECTS: Climate change and the economy.

JIM CHALMERS, SHADOW TREASURER: Overnight at the G20 meeting we saw the big economies of the world indicate once again that climate change is a serious threat to our economies and financial systems and that something needs to be done about it. This came after APRA yesterday flagged that financial regulators will be working closely with the Reserve Bank to do more work on what the financial system needs to do to protect itself from the threat and the risk that climate change poses to our economy and financial systems.

Net zero emissions by 2050 is all about cleaner and cheaper energy, which means stronger growth, more jobs and higher wages. Scott Morrison's inaction on climate change is a recipe for higher power prices, fewer jobs, lower wages and slower economic growth. For families, Scott Morrison's inaction on climate change means higher energy prices, higher insurance premiums and lower wages.

Scott Morrison is prepared to jeopardise and vandalise the future of our economy in order to play short-term wedge politics.

Right around the world and here in Australia every credible organization says that climate change is a risk to our economy and that something needs to be done about it. The RBA, financial regulators, CSIRO, they all understand that the cost of acting on climate change is lower than the costs that will be borne by Australian families and businesses if we continue down this path of not acting under Scott Morrison.

Scott Morrison's on his Pat Malone when it comes to net zero emissions by 2050. He's got big chunks of his backbench, the big Australian employers, credible organisations, 73 countries around the world, every State and Territory Government in Australia, the big corporations - everybody except Scott Morrison understands that something needs to be done about climate change in the interests of our economy.

We've got a dodgy salesman as Prime Minister and not a leader. Every time Australians need Scott Morrison to step up and come up with a plan he leaves them disappointed. Scott Morrison doesn't have a plan for climate change which means he doesn't have a plan for the future of the economy. That is why so many Australians are disappointed that after Scott Morrison won the election in May he has not come up with a plan to deal with the big challenges in our economy like climate change, stagnant wages, slowing growth, record household debt and government debt which has more than doubled on his watch. It is long past time for the Government to get on board with the States and Territories, Labor, the big employers and 73 countries around the world and adopt a net zero emissions target by 2050.

ENDS