Nick Minchin (SA, Liberal Party, Minister for Finance and Administration) Share this | Hansard source

Senator Fielding is quite right. I note, for example, that the Hazelwood power plant on its own generates one-quarter of Victorian electricity. So it is utterly irresponsible to be contemplating anything that would result in the closure of that power plant. I point to Mr Beazley’s policy, which is apparently to cut greenhouse gas emissions by 60 per cent in this country. That is what Mr Beazley has said. ABARE modelling suggests that, if you were to attempt to do that in this country, petrol prices would double, GDP growth would be 11 per cent lower, real wages would be 21 per cent lower, oil and gas production would fall by 60 per cent, coal production would be down 32 per cent and electricity output would be down 23 per cent. It would be just an outrageous policy of the Labor Party. I am not surprised that some in the Labor Party are distressed and upset by what Mr Beazley is irresponsibly proposing to do with respect to the energy industries of this country. (Time expired)