Australian Financial Review
Monday 7/5/2007 Page: 5
According to figures set to be released by the Labor Party ahead of tomorrow's budget, Treasurer Peter Costello has spent twice as much money on federal government advertising in the past decade than he has on climate change programs. According to the office of shadow environment spokesperson Peter Garrett, the Australian Greenhouse Office has received around $1 billion in budget commitments from the government over the past decade, although only around 65 per cent of this has been spent.
Labor has asked the Australian National Audit Office to assess the effectiveness of climate change programs implemented by the Howard government over the past ten years. ANAO has indicated it would support such an audit, although the results would not be know for at least two years. A report by the Intergovernmental Panel on Climate Change was released on Friday, confirming that it would be cheaper to take action now to prevent global warning. According to the report, a temperature rise of between two and three degrees would cost 0.12 per cent of global GDP each year until 2050.
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