Andrew Kelleher: JMI Wealth Director on the impact of the carbon credit auction failing

The Government's books are taking a short-time hit after its carbon credit auction failed for a third consecutive time. 

Businesses have again passed up the opportunity to buy credits allowing them to emit carbon dioxide, with the credits being put back on sale at the next auction in December. 

Labour wants to use the proceeds of credit sales to fund climate initiatives, while National wants to use the money to pay for tax cuts. 

JMI Wealth Director Andrew Kelleher told Mike Hosking that this will cause a shortfall that will be reflected in next Tuesday's Pre-election Economic and Fiscal Update. 

He says almost a billion dollars worth of credits were on offer yesterday, and that money would have gone into the Government's coffers. 

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