Greg Combet (Charlton, Australian Labor Party, Minister for Climate Change and Energy Efficiency) Share this | Hansard source

I thank the member for Wakefield for his question. The passage of the clean energy bills is extremely important in providing certainty for households and businesses. For the business community in particular the carbon price will provide the certainty to allow businesses to make the investments that are necessary, particularly in important parts of the economy like the energy sector. The carbon price creates the incentive for investments in low-emission technologies, and in energy efficiency and renewable energy, that will help drive productivity in our economy in the future. There is growing evidence internationally that companies that reduce the emissions intensity of their businesses are more competitive and do deliver better shareholder value. Last week, in fact, the Carbon Disclosure Project released its 10th annual report. The Carbon Disclosure Project is an independent organisation holding the largest database of primary corporate climate change information in the world, and it examined the climate change policies of the world's largest 500 companies and found that companies with the sharpest focus on climate change have rewarded their investors with double the average rate of return—double the average rate of return amongst those of the 500 largest companies internationally that are focusing on reducing the emissions intensity of their businesses.

Households, of course, will have the certainty that nine out of 10 households will receive assistance for the modest cost-of-living impact of introducing a carbon price. Almost six million households will receive assistance that meets or exceeds their expected average price impact, and no fewer than four million households—almost half of all households—will receive assistance that provides a 20 per cent buffer over and above their expected average price impacts. They will be better off.

In addition to that, all taxpayers earning up to $80,000 a year will get a tax cut, and most will receive at least $300 a year when we increase the tax-free threshold from around $6,000 at present to $18,200. Further to that, all families receiving family tax benefits will receive extra payments worth up to $110 per child, and all pensioners will receive a pension increase worth $338 for singles and $510 for couples combined. Those are very important elements of the clean energy bills that are before the House at this point in time. This is very important certainty for households and for business.

Yesterday the member for North Sydney confirmed, of course, that the coalition intends repealing the legislation and, in doing so, will take away all of that certainty for businesses and households—in particular, though, with very clear and specific comments that the coalition will take away the pension increases, will take away the increases to family tax benefits and will put up taxes. The member for North Sydney said, 'We have said that you don't need to have compensation if you don't have a carbon tax.' They are going to take away the tax cuts. They are going to take away the pension increases. They are going to take away the family tax benefits.

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