Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

I thank the member for Dunkley for her question. Today is a really important day for our environment and also for our economy. The passage of the safeguard mechanism through this parliament will deliver long-overdue policy certainty for our economy. This is what Australian businesses and investors have been crying out for, and it's what the Australian people voted for.

The safeguard mechanism will finally put the Australian economy on a credible pathway to net zero. After a decade of drift, division and dysfunction, and the 22 failed energy policies of the former government, businesses have been pleading for certainty. Now they will get the certainty to invest that they need and deserve. The safeguard mechanism will create new jobs in new industries, and deliver new investment. Deloitte estimates that the transition to net zero could add an extra $890 billion to our economy over the next 50 years and create an extra 195,000 jobs. Australian businesses and investors see the potential of harnessing all of this demand for renewable energy to broaden and deepen our industrial base, while at the same time maximising our traditional economic strengths. Businesses and investors understand that the safeguard mechanism is the best way to provide this investment certainty that they crave and require.

As the Prime Minister said, the BCA, the Australian Chamber of Commerce and Industry and the Australian Industry Group all want this done. That's what makes it all the more ridiculous that the so-called party of business is voting against this legislation. By standing in the way of this legislation—

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