Adam Bandt (Melbourne, Australian Greens) Share this | Link to this | Hansard source

My question is to the Minister for Energy. Investment in renewables in 2018 and 2019 is at record highs, and even the Reserve Bank has said this investment pipeline will bring down prices. As the PM has acknowledged, it's the Renewable Energy Target driving this investment in new generation, while also cutting pollution. But the RET runs out in 2020 and there's currently no policy to take its place, which threatens investment decisions being made right now. To stop renewables falling into a valley of death while parliament works out a new energy policy, will you agree to the Greens proposal of a stopgap extension of the RET out to 2022, or is your goal to be the grim reaper for renewable energy by letting renewables fall into the valley of death?

Mr Pyne interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Leader of the House will cease interjecting.

Angus Taylor (Hume, Liberal Party, Minister for Energy) Share this | Link to this | Hansard source

I thank the member for his question. The truth of the matter is that the Renewable Energy Target is going to wind down from 2020. The target reaches a peak in 2020, and we will not be replacing that with anything. We know that we will reach the 26 per cent emissions reduction target without additional intervention. We are very confident. There is no need to have subsidies in place, because we are going to reach the 26 per cent emissions reduction target without further intervention.

Let me tell you this: we have seen the experiment of 50 per cent renewable energy targets in this country in South Australia. We saw it there, and the results were shocking.

Ms Keay interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The minister will pause for a second. I've cautioned the member for Braddon numerous times. She will leave under 94(a).

The member for Braddon then left the chamber .

Angus Taylor (Hume, Liberal Party, Minister for Energy) Share this | Link to this | Hansard source

We have seen the results, where in South Australia we now have prices at around 50c per kilowatt hour. They are amongst the highest in the country. We have also seen that, despite the fact that with 50c a kilowatt hour, you would expect to have high service levels and reliability, you are not getting that. South Australia is a great state, but it is held back by one key factor, which is the high prices of energy, which is driven by an absolutely unacceptable target. Those opposite want to have a 45 per cent emissions reduction target and a 50 per cent Renewable Energy Target. They want to take Jay Weatherill's experiment and take it national. The result will be that we will all pay more for our electricity.

We are absolutely confident that in the absence of those subsidies we will get the investment we need in the network, and we're doing that through our plan, which has three parts. The first of those parts is that we're going to back investment in new generation. We're going to back investment in fair dinkum, reliable generation, because that's what this country needs. It doesn't need to be stuck with intermittent generation that drives up prices and drives down reliability.

On top of that, we will be setting a retail price safety net for all customers—it is those most in need who need this most, the sort of people who you would typically care for but you don't care for anymore. We are stopping the rip-offs from the big energy companies. We will drive prices down. That is our policy. Those opposite will drive them up.

Mr Conroy interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Shortland is warned.