Joe Ludwig (Queensland, Australian Labor Party, Minister for Agriculture, Fisheries and Forestry) Share this | Hansard source

I thank Senator Cormann for his second supplementary question. Those opposite want to talk down the economy and they want to talk up the scare campaign around the impact of the carbon price during this fixed period. It is an arrogant position that they argue from, because the fixed price period will move into an emissions trading scheme—and those opposite know that. What will they do about it? They will ultimately support it. They will not change it; they will ensure that it remains. Senator Cormann will eventually eat the words that he speaks today about this.

If you look at the projections under the carbon price, you see that strong economic growth will continue, gross national income is projected to grow at 1.1 per cent per year to 2050, and income will grow. Real income per person is projected to increase by $9,000 per year from today's level by 2020. (Time expired)