Peta Murphy (Dunkley, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. What will the passage of the safeguard mechanism mean for the Australian economy and for Australian businesses?

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

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

Order! The Treasurer will resume his seat.

Government members interjecting—

Members on my right will cease interjecting immediately. The Manager of Opposition Business on a point of order.

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

To give credit where credit is due, it was a commendably tight question: what will the passage of the safeguard mechanism mean for the Australian economy and Australian businesses? The Treasurer is now well into a generalised attack on the opposition, which is well outside the scope of question. He should be directed back to the terms of the question.

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

I'm just going to ask the Treasurer to return to that part of the question around the economy and business. I give him the call.

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

Anybody who stands in the way of this investment and this certainty that the business community desperately need is standing in the way of future investment, future industries and future jobs, and they are on the wrong side of history. In being on the wrong side of history, the Leader of the Opposition is once again showing that he is more negative than Tony Abbott, more divisive than the member for Cook and less capable of learning the lessons of the wasted decade and the last few elections than anybody else in this place. The climate is changing, but this coalition never will. The Albanese government and this parliament will get on with the job of providing business the certainty that they need, in the interests of our economy, our environment and our country. That's why today is such an important day.

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

Minister for Climate Change and Energy, the same rules apply to both sides of the chamber. Members are not to be interjected on before they ask their question.