David Smith (Bean, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Why is the safeguard mechanism critical for business certainty? What are the risks to this certainty not being provided?

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

Thanks to the member for Bean for his question about a crucially important topic. Future growth in our economy will be determined by whether or not we get the big trends and transitions right, whether it's the energy transition, the shift to the care economy and services, technology and how we adopt and adapt it in our economy, or how we invest in our people. This will determine whether we succeed or fail in our economy in this defining decade.

Milton Dick (Speaker) Share this | Link to this | Hansard source

The member for Barker will cease interjecting.

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

How we get cleaner, cheaper, more reliable and, increasingly, renewable energy into this system will be absolutely central to our prospects in the years ahead. The Australian people understand this, and the Australian business community and investor community, as the Prime Minister said, understand this as well.

This side of the parliament has done more to secure the future of our energy markets in 10 months than those opposite were able to do in almost 10 years. We legislated an emissions reduction target—

Opposition members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Members on my left will cease interjecting.

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

progressing our Powering Australia plan and the Powering the Regions Fund and, in my own portfolio, establishing a climate risk disclosure framework and promoting sustainable finance. These plans are all about providing business with the investment certainty they need to help power new industries and create new jobs, while at the same time maximising our traditional economic strengths.

Central to this, of course, is the safeguard mechanism, which is currently before this parliament and has the overwhelming support of Australian business and Australian investors. The AIG, ACCI and the BCA, as the Prime Minister said, are all crying out for this to be passed through this place. It's also a policy supported by the Productivity Commission. The chair of the PC said yesterday:

That safeguard mechanism is essentially the best policy instrument available to drive reduced emissions.

Here's another quote backing the safeguard mechanism:

… that will help Australia's largest energy using businesses adopt new technologies that will reduce energy costs and emissions while maintaining or increasing their competitiveness.

That's what the member for Hume said when he was the most embarrassing part of the former government. That's what the member for Hume said at the time.

Australian businesses and Australian investors can't afford for this country to see the opportunities of cleaner, cheaper, more reliable energy continue to go begging.

Milton Dick (Speaker) Share this | Link to this | Hansard source

The member for Hume will cease interjecting.

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

Australians and Australian businesses have already paid too hefty a price for the wasted decade of denial and delay and dysfunction represented by those opposite. Those opposite have learned absolutely nothing from the wasted decade when it comes to energy.

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! The Treasurer will resume his seat. I want to hear from the Manager of Opposition Business.

Paul Fletcher (Bradfield, Liberal Party, Shadow Minister for Government Services and the Digital Economy) Share this | Link to this | Hansard source

Mr Speaker, on relevance: on a number of occasions, you've directed the minister to be relevant to the question. The question did not ask about the opposition. It did not ask about the opposition's record. The minister should be directed back to the terms of the question.

Milton Dick (Speaker) Share this | Link to this | Hansard source

I'll hear from the Leader of the House.

Mr Tony Burke (Watson, Australian Labor Party, Minister for Employment and Workplace Relations) Share this | Link to this | Hansard source

The question asked about the risks of this certainty not being provided. The opposition are that risk.

Governmen t members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! Members on my right!

Order! The Leader of the Opposition cease interjecting. The Treasurer's had a good go. I'm just going to ask him to return to the question.

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

The point is this: after a wasted decade of missed opportunities in energy—

Honourable members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

The Treasurer is answering the question.

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

this coalition of cookers wants to put our future prosperity and our future economy at risk. The nation needs this parliament to pass the safeguard mechanism.