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

We have had many of these wild claims; one which in fact said that there will be no new investment. Well, what we have today is an announcement from Rio Tinto—an additional $4.2 billion to expand iron ore output. And we also have a pretty good statement from the head of Shell, which is investing more than $30 billion in Australia. This is what the chief executive has had to say:

Shell as a company is actually very much advocating that we need a price for carbon on the worldwide basis and we want that to be on a market mechanism.

So all of these predictions that a carbon price is going to kill investment, that it is going to wipe out Whyalla—all of these things are just untrue.

But what they do is talk down our economy. Those opposite talk down our economy every day, and that is an insult to the hard work of tens of thousands of small business people and millions of workers in this country. We on this side of the House understand that putting in place a price on carbon pollution will drive investment, particularly in energy efficiency and renewable energy. That is what prosperous economies in the 21st century need; that is why we are behind it. It is in the history of reform that makes us on this side of the House progressives and you on that side of the House reactionaries, because we understand what must be done for the future so we leave our country a better place for our children and our grandchildren.

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