Job losses, pay cuts and a business slowdown: This is the economic assessment of Labor’s climate change policy.

According to independent modelling by BAE Economics, conducted by economist Brian Fisher, full-time wages would fall by $11,660, more than 322,000 jobs would be lost and wholesale electricity prices would go up by 66 per cent.

This modelling confirms that even with foreign carbon credits, Labor’s targets are so high and so reckless they will have a very substantial impact on every single Australian.

Dr Fisher, who spoke to Fairfax Media about his study of Labor’s policies, said they “would subtract at least $264 billion from gross national product by 2030 and as much as $542 billion depending on the rules for big companies to buy international carbon permits to meet their targets.”

“Negative consequences for real wages and employment are projected under all scenarios,” Dr Fisher told Fairfax. “Labor’s plan results in a cumulative GNP loss over the period from 2021 to 2030 that is over three times larger than that occurring under the Coalition policy. Turning to other results, the wholesale electricity price under Labor’s climate policy is around 20 per cent higher than that resulting from the Coalition policy.”

The warning may sound dramatic, but is quite believable when considered against the impact of Labor’s last attempt at climate action.

The minority Labor-Greens government introduced a Carbon Tax in 2011 and sent power bills soaring while jobs were lost. This disastrous attempt at climate action, which placed politics above good policy, showed how dangerous a reckless approach could be.

Bill Shorten and Labor know Australians are wary of their climate policies, but they appear willing to do it all again. With the Greens banging on the door, many are fearful this could be a case of history repeating.