AFR: “NAB chief backs Labor climate plan”

Brief clippings from today’s AFR…

Australian Financial Review 29 June 2011

NAB chief backs Labor climate plan

Marcus Priest and Andrew Cornell

Labor’s carbon price scheme has gained strong backing from National Australia Bank chief executive Cameron Clyne but the government has faltered in the sales pitch for its household compensation package.
As signs emerged that Labor will struggle to reach a deal on carbon with the Greens and key NSW independents within weeks, Mr Clyne said the government’s plan offered certainty to drive investment, rating it economically superior to the Coalition’s “direct action plan”….

His comments follow those of Westpac Banking Corp chief executive Gail Kelly, who said last month that a carbon price was an “important economic reform and the single most effective policy mechanism for addressing climate change and preparing Australia for the global low carbon operating environment.”

[for the record, Rio Tinto’s boss demurs]

Meanwhile…

MPCCC talks continue today, with Rob Oakeshott sticking around in Canberra rather than fly to Perth for a speaking gig at the Australian Mining and Exploration Companies thing in Perth (the one where brainac Christopher Monckton is sharing his latest pearls of wisdom).

“The major issues dividing the committee are over assistance to coal-fired power generators and coal-mines, but other crucial issues include setting emissions reduction targets when a fixed carbon price moves to an emissions trading scheme, as well as energy efficiency measures.”

Ross Garnaut shouting from sidelines that independent governance is crucial, and that the more compensation there is for coal-fired generators the less there is for tax cuts and innovation.

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