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

On this occasion, Mr President, I do agree with you. When it comes to the EU carbon price, about which I was asked, I would make the point that despite the fact that Senator Cormann appears to have airbrushed the global financial crisis from the economic history records, he would be aware that there is a wider set of economic circumstances in Europe which is obviously reflected in a range of prices, including the carbon price. We have not seen a market price which has not been affected by these conditions and it is unsurprising that prices in terms of the carbon units in Europe are also affected. We know that the European price has moved around. We saw it above $A23 for most of 2005 to 2009 but I would say to those opposite that whatever the criticisms Senator Cormann might have of the European scheme—and we believe we have certainly made improvements on that scheme—they are nothing compared to the criticisms that economists would make of the scheme he supports. The scheme he supports is a taxpayer funded, bureaucratically driven grants program. (Time expired)