The Productivity Commission’s Quarterly Productivity Bulletin for June 2026 notes that labour productivity growth is going from bad to worse. It assumes that CO2 emissions avoided create an assumed external benefit as big as or larger than the marginal abatement cost. What’s worse for us, Australia’s actual environment is made clearly worse by the scars of our wind and solar farms and new transmission corridors. All that Australia clearly contributes from any avoided CO2 emissions is to slightly crimp the desirable global CO2 fertilisation effect on plant growth. As a former officer of the Treasury and the Productivity Commission, I feel a little sorry for my successors.