Few books are greater than the sum of their parts – many are less. In the case of Ross Garnaut’s latest effort, the parts are greater than the sum. As a book, Let’s Tax Carbon: And other ideas for a better Australia succeeds and fails. It succeeds as a field guide to the past, present, and future of the Australian economy’s three big policy problems: transitioning to a net-zero carbon economy; reversing social and economic inequity; and creating new industries that secure the nation’s prosperity. But it fails as a work of non-fiction.

That is not to say that Let’s Tax Carbon should be avoided. Any book by Garnaut, a visionary economist and policymaker, is worth the price of admission. After all, Let’s Tax Carbon is crammed with ideas, arguing for structural reforms designed to tackle climate change, achieve full employment, boost incomes, and turn Australia into an energy powerhouse. It also builds on Garnaut’s three previous books – Dog Days: Australia after the boom (2013), Superpower: Australia’s low-carbon opportunity (2019), and Reset: Restoring Australia after the pandemic recession (2021). Why, then, does Let’s Tax Carbon feel unrealised?