The report, Australia’s Low Pollution Future: The Economics of Climate Change Mitigation, has just been released by Treasurer Wayne Swan and Climate Change Minister Senator Penny Wong.

According to a statement from the two ministers, the report "provides fresh evidence that early action to tackle climate change will sustain growth, create new jobs and protect our economy into the future".

The report – which measures the economic impact of cutting carbon emissions through the Government’s Carbon Pollution Reduction Scheme – has three key conclusions:

• The Australian economy will continue to grow strongly as we reduce carbon emissions

• The earlier Australia acts, the cheaper the cost of action. The longer we delay, the more damage we risk to the Australian economy and

• Many of Australia’s key industries will become more, not less, competitive.

The report also finds that average annual GNP growth will only be one tenth of one percent less than it would be in a world without action to tackle climate change.

The Treasury modelling indicates that economies that act early face lower long-term costs – around 15pc lower than if there is a delay until internationally agreed action.

* A summary of the Report, along with the full Report, are available at: www.treasury.gov.au/lowpollutionf uture/