Australia will have to pay 650 billion dollars for a few pieces of paper which will then "permit " Australia to go on with our normal lives. If ever a Government deserves to fall it is this one - Whitlam and Khemlani are starting to look like pillars of financial rectitude compared to this lot and Whitlam lost Government over the Khemlani Affair.
Terry McCrann has the incredible story.
AUSTRALIAN businesses and households will have to send about $650 billion overseas between 2020 and 2050 to buy permission to keep some of our coal-fired power stations and other industries operating.
The permits will be bought from sellers that don't yet exist, or in markets that have yet to be formed, although the Government expects - hopes - they will develop over the next few years.
Like wind turbines or solar panels or even licences to use technology. It will just buy "permission" to emit CO2 with every prospect it will be rorted Nigerian-style.
These are the permits that Australian industry and power stations will have to buy under Julia Gillard and Greens leader Bob Brown's scheme. With the costs passed on to consumers.
According to Treasury we'll actually only cut 58 million tonnes.