KEY POINTS:
Business lobby groups have had only limited success in their bid for more time to prepare submissions on emissions trading legislation.
The bill to set up a carbon trading regime which will eventually cover all sectors and all greenhouse gases was introduced in December. Submissions close on Friday.
The Greenhouse Policy Coalition, Federated Farmers, the Chambers of Commerce, the Major Electricity Users Group, the Road Transport Forum, the Business Roundtable, the Petroleum Exploration and Production Association, the Minerals Industry Association, the Wood Processors Association and the Institute of Professional Engineers wrote to the finance and expenditure select committee seeking more time to draft their submissions.
They cited the scale and complexity of the issues to be analysed before decisions are made which could have far-reaching implications for the economy. These include:
* How large are the economic adjustment costs likely to be?
* What is the likely extent, and economic cost, of "leakage" - where emissions-intensive industries merely move to another country?
* What assets might be stranded?
* What opportunities do different sectors have to reduce their emissions, and what would they cost?
* To what extent will the domestic supply of carbon credits fall short of demand, and what factors will drive the availability and price of imported credits?
* What are the implications of different scenarios for the international regime after 2012, when the Kyoto Protocol's first commitment period ends?
"By allowing more time for submissions to be researched and written it is also possible we will have more information from Australia as to the direction their emissions trading scheme will take," they said.
Finance and expenditure committee chairman Charles Chauvel said the select committee believed 10 weeks was enough for people to consider at least their primary submissions.
"But we are going to be flexible about supplementary submissions and also about hearing slots," he said.
