Jennie George (Throsby, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Why is it so important that business gets the certainty it needs from the implementation of the Carbon Pollution Production Scheme, and why is it so vital for Australia to move forward towards the low pollution economy of the future?

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

I thank the member for Throsby for her question, because it is indeed vital for our economy that the Carbon Pollution Reduction Scheme be passed this year. It is vital because it is needed to deliver investment certainty to support the economic recovery. It is vital to deliver investment certainty that is needed to support new investment—of course new investment vital for a low pollution economy. And it is vital to support the green jobs of the future.

The business community is convinced of this need for certainty. We had the BCA earlier this year say:

In the interests of business certainty, the BCA calls on the Senate to pass legislation this year to establish a Carbon Pollution Reduction Scheme—

a complete repudiation of the position of those opposite. There was the statement from the Ai Group:

AI Group has consistently called for the legislation to be passed this year. This is critical to establish the degree of certainty business requires in assessing medium and longer-term investment decisions.

So two of the major peak business organisations in this country are supporting the passage of this legislation because it is important for certainty, it is important for investment and of course it is important for jobs.

We had a report from the Climate Institute out this week which demonstrates the nature of the challenge that the economy is facing. This report ranks Australia’s low-carbon competitiveness as 15th out of 19 countries that have been surveyed. So we have a very long way to go. This low ranking reflects the energy-intensive structure of our economy, the predominance of coal-fired electricity generation and our large untapped energy efficiency potential.

Of course, Treasury modelling shows that economies that act early to address these challenges will face lower long-term costs. So not just is it important to get going in terms of sustainability; it is important to get going so we can get a lower cost outcome. We on this side of the House understand the importance of this. Those opposite are so out of touch and so out of step they have no idea what to do about this vital piece of legislation so essential for our future economic prosperity. They are simply stuck in the past.

There was a good example of how divided they have become in their party room yesterday. It is pretty fair to say that their climate change policy could have been crafted for them by the cast of The Flintstones. You have the member for Goldstein over there: Barney Rubble. You have the Leader of the Opposition over here: Fred Flintstone. You have the brontosaurus up the back, the member for O’Connor, being very difficult. And, of course, you have a few running around the floor playing up. You have Pebbles over there, the member for Sturt; and you have Bamm-Bamm—

Sharman Stone (Murray, Liberal Party, Shadow Minister for Immigration and Citizenship) Share this | Link to this | Hansard source

Mr Speaker, I rise on a point of order. Clearly, this is irrelevant and an abuse of question time in this parliament.

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The Treasurer will relate his material to the question.

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

Yes, Mr Speaker, this is a very serious issue which deserves a serious response from those opposite, and there is not one forthcoming. We on this side of the House have put forward a Carbon Pollution Reduction Scheme; we have had a green paper; we have had a white paper; we have had legislation; we have got the RET through. But what the country needs is certainty. The business community needs certainty to drive investment. It is absolutely critical to recovery and it is absolutely critical to prosperity in this economy for the long term.

Earlier today, I think, the former Leader of the Opposition had a few things to say about the need for the Liberal Party to stand for something. Mr Speaker, they should stand for business certainty, they should stand for a low pollution economy, they should stand for investment and they should stand for green jobs. They should do all of those things, but because they are stuck in the past, because they are incapable of taking a decision, because they are a divided rabble in the parliament, the country cannot get the certainty it needs and those opposite are frustrating important legislation that goes to the very core of our future prosperity.