The Australia Institute made a submission to the Senate Standing Committees on Environment and Communications’ inquiry into the Nature Repair Market Bill 2023. The Australian Government has provided no economic or environmental justification for the proposed Nature Repair Market (NRM). Instead, it has repeatedly referred to, and quoted figures from, a report by consultants PwC to promote the apparent benefits of the NRM.
The PwC report is not only unrelated to the NRM as proposed in the Bill, it has significant conceptual and methodological flaws. PwC’s work actually undermines the Government’s case for a national biodiversity market.