Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

First of all, we are funding it from the steel transformation scheme, so let us get the facts right. We have been in discussions with the steel industry for some time about the structural changes that are occurring in the Australian economy. For the member to suggest that somehow this is all directly linked to carbon pricing is just a continuation of the scare campaign that those opposite have been running on carbon pricing. The fact is we are potentially funding some assistance to BlueScope from the steel transformation scheme—a scheme, I might add, that the Leader of the Opposition says he is opposing. He does not believe in the steel transformation scheme. It is true that we announced it at the time that we announced carbon pricing and it is certainly part of the government's response to a range of structural issues in our economy.

Putting carbon pricing in place is a fundamental structural reform. It is one of the structural reforms that we as a country require to become much more energy efficient and to make sure that we can get the investment in renewable energy and more efficient energy practices. It is true that for industries like steel this is very important as well. The CEO of BlueScope has made that point—I heard him on the radio this morning making that point. In that sense, both are connected. The steel transformation scheme is connected to a future for the steel industry which is more energy efficient. But I want to repeat what the chairman and the chief executive of BlueScope have said today and yesterday.

See this speech in context