ETS - it's a crock of sh*t

We all knew this anyway, but now an independent report, commissioned by the NSW government, has confirmed it:

The report by Frontier Economics shows the scheme will cost the national economy $2 trillion over the next 40 years, with the worst effects to be felt in regional Australia.

"The poorly designed Rudd Government emissions trading scheme will do very little for the environment, but do enormous damage to jobs - particularly in regional Australia," [Malcolm Turnbull] said.

"It will result in us exporting thousands of jobs and exporting the emissions as well."

"This report should set the alarm bells ringing at the highest levels in Government," Independent Senator Nick Xenophon said.

But guess what is the predictable government response? It's out of date, so chuck it in the nearest dumpster. Sort of like we should do with the Treasury modelling, I suppose?

Read it here.