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

What is absolutely false is that question and the senator knows that because he has been told that over and over again by Treasury officials and by me in this place. He was told by Treasury officials that the assumptions were that countries which have made pledges under either the Cancun or Copenhagen conventions will implement policies to achieve those pledges. What we are assuming is that there are mechanisms in countries which result in either an implicit or explicit carbon price. It does not mean—I will say it slowly—that it specifically has to be an ETS within all countries. It does not mean that. Treasury is assuming that the US will do what it has pledged to do, which is precisely what President Obama said last week. Treasury is assuming that the US will do what it has pledged to do. That is not a controversial proposition. (Time expired)