Australia also reaffirms its target to achieve net zero emissions by 2050. Both targets are economy-wide emissions reduction commitments, covering all sectors and gases included in Australiaâs national inventory. Australiaâs new 2030 target is a significant increase in ambition. It is a 15 percentage point increase on the upper end of the previous 2030 target of 26 â 28% below 2005 levels â or half as much again as the previous target. The revised 2030 commitment is both a single-year target to reduce emissions 43% below 2005 levels by 2030 and a multiâyear emissions budget from 2021-2030. The updated 2030 target puts Australia on track to achieve net zero emissions by 2050.