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

What I can do in relation to agricultural output is refer the senator to the Treasury modelling, which found that agricultural output would continue to grow under a carbon price. Gross outputs would increase by 130 per cent between 2010 and 2050, the agricultural share of the economy and employment would increase from 2.4 per cent in 2020 to 4.1 per cent in 2050 and the food-manufacturing industry is also expected to increase by 137 per cent between 2010 and 2050. Updated Treasury modelling released on 21 September last year confirmed the previous modelling finding, that agricultural productivity and agricultural gross output would continue to rise irrespective of the introduction of a carbon price. In relation to food prices, the Treasury estimates that seafood and fruit and vegetable prices are likely to increase by only 0.4 per cent in 2013. And, of course, as the senator would know, the government has ensured that these price increases are reflected in the assistance package which the government is providing and which includes increases to family tax benefit, pensions, disability support pension and allowances and a tripling of the tax-free threshold.