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

I am advised the government is working with the Victorian government, Latrobe Valley local authorities as well as business and union representatives as we introduce the carbon price. I am very conscious of not allowing a repeat of what took place when the valley's power stations were privatised under the Kennett government. As the senator would know, we are providing significant assistance to industry. For example, the Energy Security Fund will provide $5.5 billion targeted to emissions-intensive generators, many of which are located in the Latrobe Valley. Latrobe workers and families will also benefit from household assistance and tax cuts, and pension and other benefit increases will assist nine out of 10 households in meeting the carbon price's modest impacts.

I am also advised that the Latrobe Valley Transition Committee was established under a cooperative agreement between the Australian and Victorian governments late last year. This is facilitating a coordinated and strategic approach to support the economic, environmental and social wellbeing of the regions which are undergoing structural economic change as they respond to global competition and a strong Australian dollar. I understand the committee is undertaking a formal submission process in the development of the Latrobe Valley transition discussion paper until—the date I have is today.