“…Firms that obtain free [emission] permits cannot sell them on exit from the industry. This encourages them to continue to operate even if their output could be more cheaply supplied by others. The compensation to households is even worse. Those payments will be income-based, phasing out as income rises. This will increase marginal tax rates that are already high, with the lost compensation meaning that each additional dollar in pre-tax earning could translate into less than 60c of take-home pay.” Extract from Henry Ergas in The Australian
Peter Gallagher is student of piano and photography. He was formerly a senior trade official of the Australian government. For some years after leaving government, he consulted to international organizations, governments and business groups on trade and public policy.
He teaches graduate classes at the University of Adelaide on trade research methods and the role of firms in trade and growth and tweets trade (and other) stuff from @pwgallagher