Australia’s longest continuous climate change survey, The Climate of the Nation report, has recently shed light on how Australians perceive the climate crisis and its impact on their daily lives. The report highlights Australians’ increasing concern over climate change’s role in the ongoing cost of living crisis and their strong desire for polluters to bear the financial burden of their actions.
The 2023 report provides compelling insights into Australians’ attitudes towards environmental policies, particularly those targeted at the fossil fuel industry. A significant 66% of Australians support a windfall profits tax on the oil and gas industry, indicating their desire for the industry to be held accountable for its contributions to climate change.
Moreover, the report indicates a high level of anxiety among Australians about the economic consequences of climate change. A staggering 75% are worried about climate change leading to higher insurance premiums and disruptions to supply chains, making it more difficult to purchase necessities. Interestingly, Australians attribute the rising electricity prices more to the excessive profits of electricity companies and poor policy making than to the impacts of climate change.
There is also a high level of concern – 80% to be exact – about the potential impact of climate change on natural disasters like droughts, floods, and bushfires. Australians fear that these events could significantly impact crop production and food supply, further exacerbating the cost of living crisis.
On the international stage, the International Monetary Fund (IMF) has identified Australia’s substantial spending on fossil fuel subsidies as a key issue. The country currently allocates $29 billion annually towards such subsidies, which include direct spending, tax breaks, and public financing. The IMF suggests that abolishing these subsidies and implementing carbon pricing could have significant benefits for Australia. Not only could it reduce greenhouse gas emissions by 52%, but it could also bolster the country’s GDP by 3.5%.
The IMF strongly advocates for carbon pricing, asserting that it is the most effective way to decrease greenhouse gas emissions. As the Climate of the Nation report demonstrates, a majority of Australians are also in favor of holding the fossil fuel industry accountable, which provides a strong case for policy reform in this direction.
