Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

What I can confirm is that we will be pursuing initiatives through the Emissions Reduction Fund, through our Direct Action policy, which will actually make a difference to emissions in Australia and in the world. We are pursuing a policy that will actually reduce emissions in Australia in a way that helps achieve a reduction in emissions in the world—unlike the alternative policy, the Labor-Greens carbon tax, which just shifts emissions to other parts of the world. Your policy, the carbon tax policy, makes overseas emitters more competitive than businesses here in Australia who, for the same level of economic output, would be able to deliver particular products and services in a way that is less emissions-intensive.

Our policy in relation to the Emissions Reduction Fund is there for all to see. It is very clear. It is a policy that is consistent with the approach taken by countries around the world. It is very mainstream, and it is outcomes focused—unlike the approach taken by the previous government, which just pushes up the cost of electricity, pushes up the cost of living, pushes up the cost of doing business, makes us less competitive internationally, puts jobs at risk and, of course, according to the previous government's own modelling, was leading to reductions in real income growth as a direct result of the Labor-Greens carbon tax policy. Our policy is not going to do any of that. Our policy is going to help achieve genuine reductions in emissions in a way that is economically responsible and sustainable.