A government review of the safeguard mechanism carbon reduction targets is due in 2026-27, which could hasten action.
, even as critics say the measure could prevent price pressures from easing in the already cost-plagued building industry.
The tariff plan aims to keep Australian producers competitive against cheaper, dirtier imports of steel and aluminium.Mr Bowen on Wednesday said a review would take place in two rounds, the first of which would report to the government next year. Another driver of the timeline is a government review of the safeguard mechanism carbon reduction targets due in 2026-27, as well as work on the nation’s internationally binding Paris Agreement targets for 2035.
“Let’s drop net-zero, get inflation down and get our economy humming again,” Senator Canavan said on Tuesday.But many business groups have firmly backed the idea. Manufacturing Australia chief Ben Eade said Labor was “right to examine what can and should be adopted here”.Leaky carbon Chief of employer lobby the Australian Industry Group Innes Willox said a carbon leakage review was crucial to maintaining the competitiveness of Australian industry.Mr Willox said on the global transition to net zero, “different economies are moving at different paces and using varied mixes of sticks and carrots to get there”.
A group representing the nation’s biggest industrial and commercial energy users, the EUAA, said a CBAM would be a “welcome addition to“Clearly, more work needs to be done and we need to remain vigilant to avoid unintended consequences and deal with unforeseen issues, but we seem to be pointing in the right direction,” EUAA chief Andrew Richards said.
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