Matt Thistlethwaite (Kingsford Smith, Australian Labor Party, Shadow Assistant Minister for the Republic) Share this | Hansard source

I wish to make a final point in respect of this bill on financial integrity. The Clean Energy Finance Corporation's investment mandate is to engage in investments that generate a positive return to the government, and that's common sense. You would expect that if taxpayers' dollars are being invested in private projects that there would reasonably be a return to the taxpayer for that investment. But this government want to change that investment mandate such that the government and the Clean Energy Finance Corporation could invest in projects that do not generate positive returns to the government. How stupid would it be for the government to actively put dollars into a project that it knows is going to fail? But those opposite want us to amend this bill exactly so that can happen.

What sorts of projects would they be that the Clean Energy Finance Corporation would have its investment mandate changed to invest in?

Let me guess. Could it be a coal-fired power station? The private sector is certainly not going to invest in a coal-fired power station. They know that that's nuts, that that is crazy. But those opposite expect this parliament to agree to amending the Clean Energy Finance Corporation's investment mandate so that taxpayers' dollars, Australian workers' hard-earned money, can be thrown up against a wall in an investment in a coal-fired power station. Why? To placate the six or seven nut jobs on that side of the parliament who don't believe in climate change. That is why this government is asking this parliament to do that.

And get this: they want to use taxpayers' funds, Australian workers' hard-earned money, to invest in projects that they know will not generate a positive return to the government, that will potentially increase carbon emissions in Australia, and that they know will lose money—and they have the hide to say they're better at managing government finances. Can you believe it? It is unbelievable. But that is exactly what this government expects this parliament to agree to through this change to the Grid Reliability Fund. And they say they are better at managing money. What a joke!

This government has done immeasurable damage to Australia's reputation when it comes to taking stronger action on climate change—not to mention the higher electricity prices that have resulted from their inaction on climate change; the investments that have gone overseas because there is no certainty here in Australia for businesses to invest in clean energy projects because of this government's lack of a road map; the jobs that have been lost in new technologies, in research and development and in renewable energy projects because of this government's scepticism about climate change; and, worse still, the increases in emissions that have occurred in Australia because that mob got rid of an emissions trading scheme and tried to get rid of commonsense objectives like the Clean Energy Finance Corporation. It paints a very bleak future for our children. Unless the government agrees with the sensible amendment that has been moved by the member for McMahon, we will vote this bill down because it is not in Australia's interest for the Clean Energy Finance Corporation to be investing in projects that increase carbon emissions in this economy and don't return anything to the Australian taxpayer. I urge members of this parliament to vote that amendment up or vote this bill down if the amendment is not successful.

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