Simon Birmingham (SA, Liberal Party, Minister for Trade) Share this | Hansard source

The government also opposes this amendment for many of the same reasons that I outlined in relation to the amendment moved earlier by the Australian Greens, which I won't repeat. This amendment is slightly different in that it seeks to create a new and separate class of petroleum title for the specific geographic area that encompasses the Great Australian Bight in Commonwealth offshore waters. Rather than it being a blanket ban, as proposed by the Greens, it would create a new and different title. The government has concerns that this would leave investors questioning the viability of an investment, that it would create considerable additional financial risk in frontier areas like the Great Australian Bight and relative to other parts. It's an area that, as a frontier area, already comes with significant risk, and the proposed amendment would compound those uncertainties, heighten sovereign risk and make investors look elsewhere for safer projects and more-certain regulation.

I note Senator Patrick's comments in relation to other matters—electric vehicles and the like. Whilst I don't have with me in the chamber a comprehensive list of actions on those unrelated topics, the Clean Energy Finance Corporation, for example, has engaged a number of co-finance programs with major banks and non-bank lenders in relation to EVs, and I know that CEFC and ARENA continue to engage in other work to enhance and promote the adoption of EVs.