Bert Van Manen (Forde, Liberal Party) Share this | Hansard source

Yours is the magic pudding. As I said, there will be no new taxes as a consequence of the direct action policy. However, under this Labor government we face a new tax, effectively the world's biggest carbon tax and the most expensive one. Taxpayers will also end up paying for a suite of new bureaucracies, one of which is the Clean Energy Finance Corporation. This is because for every dollar of carbon tax revenue collected, only 55c is being returned in compensation. The $10 billion Clean Energy Finance Corporation has been exposed as 'inherently wasteful', achieving 'precisely zero' in terms of real CO2 savings under a carbon tax. This conclusion has come from Centre for Independent Research Studies Research Fellow Dr Oliver Marc Hartwich, who released the report, A waste of energy: Why the Clean Energy Finance Corporation is redundant.Dr Hartwich said:

The physical effect of energy subsidies is precisely zero in an environment where the total emissions are pre-determined by a trading scheme. Not a single gram of carbon dioxide is saved by pumping money into renewables.

See this speech in context