Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

I thank Senator Madigan for his question. I am asked about, essentially, why people should believe the Treasury modelling. The government absolutely stands by the Treasury modelling. These are the finest modellers in the country. Despite the denigration that has occurred of Treasury by those opposite and in the other place—which I have to say was a new low in the debate in the other place earlier this week—these are the people who advised Prime Minister Howard, these are the people who advised Treasurer Costello and these are the people whose advice was taken by former Prime Minister Howard when he put in place a policy to impose a price on carbon.

The modelling that was originally done in 2008 was updated by the Treasury. It was one of if not the most extensive, robust and thorough exercises in economic modelling ever performed in Australia. It has stood up to scrutiny from various sources and remains one of the most well-documented, transparent and credible modelling exercises undertaken, which puts it, if I may say, in stark contrast with the Victorian state modelling which was previously released and misconstrued by the state Treasurer and the Premier, who formerly supported a price on carbon. In terms of jobs, I would remind—

Honourable senators interjecting—