The Albanese government could make deep emissions cuts and restructure an ailing federal budget by taxing polluting companies more than $35bn a year for the damage they cause to the planet, according to a report backed by senior economists and ex-public servants.
The analysis by the Superpower Institute – overseen by the longtime Labor adviser Ross Garnaut and former consumer watchdog chair Rod Sims, and supported by ex-Treasury head Ken Henry – makes a case for the introduction of a “polluter pays levy” on companies that extract or import fossil fuels consumed in Australia.
