Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer.

Honourable Members:

Honourable members interjecting—

Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

There's a decent Treasurer up there! I refer the Treasurer to modelling by the New South Wales Treasury and Macquarie Generation—

Honourable members interjecting—

Peter Slipper (Speaker) Share this | Link to this | Hansard source

Order! The member will pause. There is too much noise. The clock will start again and he will recommence asking his question.

Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

My question is to the Treasurer. I refer the Treasurer to modelling by the New South Wales Treasury and Macquarie Generation that, based on current information, revenue from the sale of permits under the carbon tax could fall short by up to $5 billion a year between 2015 and 2020. How will the government fund this $25 billion carbon tax black hole—a real black hole—in its budget?

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

I do thank the shadow Treasurer for that question. He is going to be a shadow Treasurer for a long time, because if he is going to be out there quoting bodgie modelling from the New South Wales Treasury he is not going to go very far.

Opposition Members:

Opposition members interjecting—

Peter Slipper (Speaker) Share this | Link to this | Hansard source

The Treasurer will return to the substance of the question.

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

I do not for any period of time give any credence to the assertions that have just been made by the shadow Treasurer. The fact is that the New South Wales government has been publishing all manner of modelling in recent times which is, as I just described, bodgie modelling. We have full faith, complete faith, in our modelling.

Mr Pyne interjecting—

Peter Slipper (Speaker) Share this | Link to this | Hansard source

The member for Sturt will remain silent for the balance of this answer.

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

Our modelling is prepared by one of the most professional organisations in the world, the same people who used to prepare the modelling for those opposite when they were in government, and they had their confidence then just as they have our confidence now. But those opposite will go to no ends to actually go out and trash the reputation of the professional officers in the Department of Treasury here in Canberra for their political aims. That is all about talking our economy down and going out and exaggerating the impact of carbon pricing on our economy.

Peter Slipper (Speaker) Share this | Link to this | Hansard source

The honourable Treasurer will resume his seat. Has the Treasurer finished his answer?

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

Yes.

Peter Slipper (Speaker) Share this | Link to this | Hansard source

The member for North Sydney, presumably on a point of order.

Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Link to this | Hansard source

It is a point of order and it goes to relevance. I would ask the Treasurer to explain how he is going to fund this $25 billion black hole.

Peter Slipper (Speaker) Share this | Link to this | Hansard source

The Treasurer was straying. He will return to the substance of the question.

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

Mr Speaker, there is not a hole in the modelling. That is the first point to be made, and we should not accept the assertions from the shadow Treasurer. The government has full faith in the federal Treasury modelling, the same people who worked for those opposite over many years and received their support over those years. They are entitled to receive it now. They are entitled to receive that because they are professional.

We have put in place a scheme which reduces carbon pollution, a clean energy package, which of course is welcomed in part by the New South Wales government. We had the Premier of New South Wales stand up with the Prime Minister only last week endorsing our Clean Energy Finance Corporation, endorsing a very important part of the package. So the New South Wales government cannot have it both ways. They cannot on the one hand endorse this $10 billion commitment and on the other shovel out bodgie modelling to discredit what is a first-class scheme which will reduce carbon pollution in our economy and make sure that we are a first-world economy predominantly driven by clean energy.