Ted O'Brien (Fairfax, Liberal Party, Shadow Minister for Climate Change and Energy) Share this | Hansard source

O'BRIEN () (): I move opposition amendment (1), circulated in my name:

(1) Schedule 2, item 7, page 13 (lines 10 and 11), omit the item.

The coalition supports the vast majority of this bill. At the end of the day, it builds on the coalition's work in the previous term of government. Given our strong legacy when it comes to record investment in renewables while also being able to reduce emissions, keep the lights on and, of course, reduce prices, we are very proud to see our legacy built on by this government. As flagged in my second reading amendment, though, we do have a concern about just one aspect of the bill, and that aspect is reflected in the substantive amendment to which I now speak. It is an aspect that has the minister moving, to the House, that he gain more power to make determinations with respect to financial securities on offshore infrastructure deals. Our approach was very clear when in government. Our view has not changed. There is a regulator who should have that authority. We therefore disagree with the government's proposal that that authority move out of the realms of the regulator and to the minister.

I acknowledge the minister's words just now, before I rose to speak, that he believes that he would be better placed to make such decisions. I can understand why the minister might believe himself to be the best to make such decisions. However, our obligation in this place is to do what we think is right and what is in the best interests of the Australian people and the Commonwealth. I will not repeat the concerns expressed in my speech on the second reading other than to note those words, especially the concern that regional Australia has about this government not respecting the need for a social licence on these major, very important infrastructure projects. I appreciate advice that the minister has provided to my office on the importance of financial securities. On that aspect, there's no different view from the Coalition; financial securities are absolutely key. That's not in question here. What's in question is whether or not the minister himself is empowered to make decisions that should be made by the regulator.

We cannot afford, in light of the enormous rollout of renewables that the minister has planned—we're talking here about 28,000 kilometres of transmission lines, over 22,000 solar panels every single day and 40 wind turbines every month. You can imagine the amount of deals that needed to be done and the importance of protecting the Australian people, including from potential liability for the Commonwealth, and why therefore we need to protect regional Australian communities from a minister who might be emboldened with the authority to make easier terms on these financial securities and the missionary zeal with which he is already trying to implement his policies—policies that were predicated on economic modelling that last night was disproven in the budget papers by the government itself, economics that were disproven in the budget papers themselves. It is very unwise to empower this minister—indeed, any minister—for this purpose, and that is the reason I've put forward this substantive amendment.

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