Sarah Hanson-Young (SA, Australian Greens) Share this | Hansard source

by leave—I move Australian Greens amendments (1) to (3) on sheet 8206 together:

(1) Schedule 1, page 4 (after line 3), after item 4, insert:

4A At the end of subsection 8(2)

Add:

(c) ensure it is not funding transactions that, directly or indirectly, support the extraction of fossil fuels (including in relation to EFIC's Northern Australia economic infrastructure functions).

  (2) Schedule 1, item 6A, page 4 (after line 27), at the end of section 16, add:

(5) In addition, EFIC must not make a guarantee or enter into a contract under this section in relation to a loan or a proposed loan if the loan or the proposed loan is to be used, directly or indirectly, for the purpose of extracting fossil fuels.

  (3) Schedule 1, item 6B, page 5 (after line 7), at the end of section 23, add:

(5) In addition, EFIC must not lend money under this section for the purpose of financing a transaction if the purpose of the transaction is to extract fossil fuels.

The Australian Greens have circulated two sets of amendments. The first set, which I have just moved, is in relation to putting a restriction on Efic's ability to use its expertise and to fund further subsidies for the fossil fuel industry. We are, of course, very concerned that, despite a number of issues that Efic could and should be spending its time on in relation to other types of export projects, and advancing ability for Australian industry, the last thing we should have is more Australian taxpayer money being spent on propping up the fossil fuel industry in this country. We hear over and over again from the Turnbull government—from many on the backbench, but particularly from those on the frontbench—that the fossil fuel industry doesn't get any subsidies and, indeed, that it's only the renewable energy sector that does. Well, what a load of bollocks. It's not true. We know that billions and billions of dollars, Australian taxpayer dollars, go every year into subsidising the fossil fuel industry in this country.

These amendments are in relation to stopping more Australian taxpayer money being spent to prop up the fossil fuel industry. At a time when we need to be reducing carbon emissions, at a time when we need to be finding better ways to reach our Paris agreement targets and at a time when we need to be transitioning to cleaner forms of energy, spending billions and billions of dollars and Commonwealth government resources on propping up and subsidising the fossil fuel industry is just madness—absolutely crazy stuff. We hear all the time from members of the Turnbull government that the renewable energy sector is propped up and subsidised. Well, it is subsidised nowhere near to the extent that the fossil fuel industry gets subsidised by the taxpayer day in and day out. Through this bill we have the opportunity for it to be expanded and propped up and subsidised even more, and the Australian Greens don't want to see that happen. We don't want to see more Australian taxpayer money wasted, propping up an industry when the time has come for transition.

Only yesterday Senator McGrath stood up in this place and said, 'Coal is good' and sat down. That is the level of maturity from this government in relation to tackling carbon emissions and, indeed, tackling a failing fossil fuel industry. We know that we must transition in order to save the planet, that we must put renewable energy on a firm footing, because that is what is going to be needed to power the nation in the future. In fact, it's working right now. The craziness of the push within the Turnbull government to say now that they are prepared to pay to keep coal-fired power stations burning even longer, polluting even longer, for more and more years, just because the Turnbull government doesn't have the gumption to take on this industry and the gumption to take on the right-wing rump in the backbench and, of course, former Prime Minister Tony Abbott. This is the level of madness and the lack of maturity that is coming from this government. If we can try and save some Australian taxpayer money through this process to stop Efic funding being used to prop up the fossil fuel industry, then we should.

It doesn't make financial sense; it doesn't make environmental sense and it is ridiculous to see, at a time when we need to be decarbonising the economy, more backdoor ways of giving subsidies to the fossil fuel industry. That's what this amendment is about. Anyone who cares about reducing carbon emissions and ensuring that taxpayer money is spent in the places where we will get the best bang for our buck in terms of energy and resource production should be supporting this amendment. Wasting Efic's resources and Efic funding to prop up the coal industry, to prop up the corrupt project that is Adani, is simply not good enough.

We know that the Adani coalmine will only be able to go ahead if the Australian taxpayer funds a billion dollars and even then it's questionable. The banks won't bankroll it because it doesn't make economic sense. The planet would cook if we allowed the Adani mine to dig as much coal out of the ground as it wants to ship off and have burnt. We will not be able to fulfil the Paris Agreement; we will not be able to fulfil the very necessary requirements to decarbonise the economy, and all at the cost of the Australian taxpayer. The billon dollars that the dodgy, corrupt Adani company wants, the billion dollar mates-rates loan, should not go ahead. It's being facilitated via Efic and the NAIF, and it is a waste of Australian taxpayers' money.

Most people out there are thinking, 'Hang on, we're doing it pretty tough. We've got low wages growth; we've got high unemployment; the cost of living continues to soar; the government says it has to cut funding to schools and hospitals. Meanwhile, we have this government agency handing over a billion dollars to Indian coal company Adani. Where are the government's priorities?' Well, the priorities are propping up and subsidising fossil fuels, propping up and subsidising Adani. Meanwhile, schools don't get the funding they need; hospitals don't get the funding they need. We have an NBN across this country that is not being rolled out as fast and as well as it should be because the government hasn't got the funding to do it. Meanwhile, Adani continues to laugh and know that it's pulled the wool over the eyes of the federal government.

We're waiting for a decision on whether this loan will go ahead, because we now have the peculiar situation where the minister who is in charge of this sits in the other place—this is, of course, Minister Joyce—with a big cloud over his head. We don't even know if he's eligible to be in the parliament, let alone eligible to be a minister, yet this is the person who is responsible for signing off and handing over a billion dollars of Australian taxpayer money to Indian coal miner Adani. It's a waste of money and a decision of a minister who's not even legitimate.

I can bet your bottom dollar, Chair, that, if Minister Joyce does sign off on this project and does give the taxpayer handout—the corporate welfare cheque to Adani—it will be challenged in the courts because not only is it economically irresponsible but also the minister in charge should not even be there. So this whole issue becomes even murkier and murkier. One of the things we can do today is stop Efic and, therefore, the NAIF from being able to continue to prop up, with public funds, the fossil-fuel industry. In particular, we can stop the NAIF from being able to fund the billion-dollar cheque to Adani.

When you hear cries for the need for economic responsibility, mutual obligation and the crackdown and the kicking of people on welfare payments from this government, you've got to wonder what on earth is going on when we can't help unemployed people in this country to get enough income support so that they can get a job, but we're happy to hand out corporate welfare to one of the biggest, greediest and dodgiest mining companies in the world. That, of course, is the Adani Carmichael coalmine. I commend this amendment to the Senate and will be watching very closely to see who supports it.