Australia must take stronger action on climate change, professor Ross Garnuat has warned in his latest report.
Garnaut has said the country needs to be ready to adapt to stricter standards of climate control in order to avoid disasters caused by global warming.
“We should be alert to the possibility that the reputable science in future will suggest that it is in Australians’ and humanity’s interests to take much stronger and much more urgent action on climate change than might seem warranted from today’s peer-reviewed published literature,” he said.
“We have to be ready to adjust expectations and policy in response to changes in the wisdom from the mainstream science.”
The Climate Institute has responded to the paper by saying the Government needs to introduce a pricing scheme with more generous targets.
“It’s reckless to be designing a response on pollution pricing and clean energy that doesn’t have a high degree of flexibility,” chief executive John Connor told AAP.
The Australian sharemarket has opened over 1% lower this morning after a tough night on Wall Street, where investors grew nervous after reports that Saudi Arabian authorities had opened fire on protestors.
The continued turmoil in the Middle East is causing oil prices to rise, which economists expect to impact on consumer sentiment.
The benchmark S&P/ASX200 index was down 37 points or 0.79% to 4662.5 at 12.10 AEST, while the Australian dollar also fell below parity to US99c.
AMP shares lost 1.29% to $5.37, while NAB shares fell 0.6% to $24.76. Commonwealth Bank shares fell 0.49% to $51.05 as Westpac fell 0.91% to $22.98.
Stocks have plunged on Wall Street after reports that turmoil in the Middle East is beginning to worsen.
Those fears weren’t helped by some poor performances from corporates, with fibreoptic cable maker Finisar reporting a lower-than-expected result.
The Dow Jones Industrial Average fell to its lowest point since August, falling 228.48 points, or 1.87%, to 11984.61.
China has recorded a trade deficit of $US7.3 billion in February, the country announced, in the largest result in seven years.
“We did expect exports to slow last month, but I think nobody had expected such a weak outcome,” Hwabao Trust analyst Nie Wen told Reuters.
“There is little chance that China will have a trade deficit again, and the monthly trade surplus may pick up in the second half of this year.”
Moody’s has downgraded Spain’s sovereign debt rating saying the country’s banking needs are growing by the day.
“(Moody’s) believes there is a meaningful risk that the eventual cost of the recapitalisation effort could considerably exceed the Government’s current projections,” it said in a statement.
However, the Bank of Spain has said its shortfall is well within government estimates, defending its position.
The Australian Taxation Office will meet with advisors of DIY super funds before the end of April in order to investigate improper practices, the Australian Financial Review has reported.
The report says assistant commissioners Stefan Kovic and Stuart Forsyth will conduct the meetings in order to identify some of the major problems in the DIY sector.
It is understood that ATO representatives will also be questioned about the issue of excess contribution taxes.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
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