Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Hansard source

The reason why we are moving this motion now and we are seeking to suspend standing orders is that the actions of the Prime Minister are now having a profound effect on confidence in the Australian economy. The chief analyst at Southern Cross Equities has advised his worldwide clients that Australian equities are underperforming the world. I quote:

… the key issue is that Australia economic and taxation policy remains “unpredictable”, with foreign investors displeased with the continual “surprise” movement of the regulatory goal posts in Australia.

It goes on:

I don’t know how many times I have to write that “stability and certainty” of policy are how to attract long-term foreign investment …

There is no doubt in my mind this is the worst excuse for a Federal Government Australia has had since the 1970’s, and that is reflected by the global P/E relative de-rating of Australian equities.

That is going around the world, and what a surprise! When the Prime Minister is asked whether she is going to have a carbon tax, on the one hand she says no; on the other hand she says yes. When the Prime Minister is asked what the tax rate associated with it is going to be, on the one hand she says, ‘We’re making up numbers of $26 a tonne’; on the other hand the Secretary to the Treasury appears before a Senate committee today saying $26 a tonne is very reasonable.

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