Tony Abbott wrong on costs of tougher climate targets, government modelling shows

PM's claim of 'massive and unmanageable costs' are laid bare by figures showing that a 45% emissions target would cut GDP by a maximum of just 0.7%

The Abbott government has released its own economic modelling of long-term greenhouse gas reduction targets, confirming that the prime minister's assertions about the costs of more ambitious targets have been incorrect and overstated.

Two weeks ago, Tony Abbott unveiled a new long term greenhouse gas reduction goal of reducing emissions by between 26% and 28% of 2005 levels by 2030.