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What has Reserve Bank told Govt about ETS cost?

Media statement
For immediate release
Wednesday, 16 July 2008

Dunne – What has the Reserve Bank told the Government about the true cost of ETS?

UnitedFuture leader Peter Dunne wants to know what advice, if any, the Reserve has given to the Government about the impact on inflation and price stability of an emissions trading scheme and the fluctuating price of carbon.

“As food prices reach an 18 year high, New Zealand families deserve to know what impact the Emissions Trading Scheme will have on their overall cost of living,” said Mr Dunne.

“I would be astounded if the Reserve Bank has not been looking at the likely impact on inflation of the ETS, without effective compensation measures.

“If the Reserve Bank has given the Government advice on the cost of the ETS I would like to think such information can be made available to the public so that people can judge for themselves exactly what this Government is getting them into.

“The Government has kept very quiet about the financial impact the ETS will have on households, original predictions of only slight energy and commodity price increases have been blown out of the water by the rising price of carbon.

“Latest indications are that the cost of carbon will continue to rise over the short to medium term, significantly increasing the price of electricity, fuel and food if the ETS Bill is passed.

“On current carbon price estimates, households are likely to face increased energy and food costs of $35 - $40 a week and rising.

“Last week’s Exceltium Digi Poll confirmed that less than 5% of New Zealanders are prepared to put up with increased household costs of $40 a week. The Government knows that, which is why it is very reluctant to release any further information on the costs of the Emissions Trading Scheme,” said Mr Dunne.


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