Media Statement: Supplementary notes with Final Report

6 May 2011

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The Garnaut Climate Change Review?Update 2011 will release two supplementary notes together with its Final Report on 31 May 2011.

The first note, 'A 10-year plan for carbon pricing revenue' will provide further detail about the expected revenues and the recommended allocation of funds generated by the carbon pricing scheme.

"The various uses of funds will change over time. The allocation of proceeds will shift with changing requirements over the course of the decade. This note will outline how funds can be allocated among the competing priorities, within the guiding principle of budget neutrality," said Ross Garnaut.

The 10-year plan will include further detail about the Review's recommendations for the level of assistance to households through the tax and social security system, to business during the transition period, and support for sequestration in the land sector and innovation.

The second note, 'Governance arrangements for Australia's carbon pricing scheme', will provide further detail about the institutional and administrative arrangements required to maximise the stability and efficiency of the scheme and underpin community and business confidence.

"Sound governance arrangements are critically important aspects of the design of the carbon pricing scheme," said Professor Garnaut.

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