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

It is true that reducing emissions by 2020 will require transformation of the energy sector. What I would say to the senator is that both parties acknowledge that. In fact, Mr Hunt, for those opposite, after the last election, pointed out that, were they in government, they would be negotiating the conversion of both Hazelwood and Yallourn from brown coal to gas. That would have an impact on electricity prices and that would have an impact as well, obviously, on the nature of those plants. Both parties are committed to reducing emissions. In response to your question, we would justify implementing the reduction in emissions through a price on carbon for a very simple reason: it will cost Australians less. It will cost taxpayers less, it will cost Australian families less and it will cost Australian business less.