China is taking on as much economic pain as Australia in the targets now being set for climate policy over the next 15 years, according to the federal government's own modelling. 
Prime Minister Tony Abbott has argued that Australia's pledge ahead of United Nations talks in Paris this year on climate policy post-2020 is far better than the equivalent pledge that China has made.
But the modelling by former Reserve Bank board member Warwick McKibbin released on Friday found that Australia's pledge will reduce gross domestic product by about 0.2 to 0.3 per cent in 2030 which is about the same reduction in GDP that China will bear. While China's emissions will keep growing, that will require more effort from China because its economy is growing faster.
Australia will cut emissions to 26 per cent below 2005 levels by 2030 while China's pledge includes lowering emissions per unit of GDP by 65 per cent.
Overall, Australia's economy will continue to grow "strongly" but with "a small slowing" because of its climate change pledge. While in line with China, the reduction in GDP for Australia will be "slightly higher" than all other developed countries except Canada.
All rich countries other than Japan have pledged sharper cuts in emissions by 2030 than Australia but the impact on Australia's economy will be larger because of our heavy reliance on fossil fuels.