Bridget McKenzie (Victoria, National Party, Shadow Minister for Infrastructure, Transport and Regional Development) Share this | Hansard source

A lot more like Whitlam's—thank you, Senator Canavan; you saw that one coming. First, this bill gives the Labor government unprecedented, unchecked and dangerous powers to interfere and intervene in energy markets long beyond the 12 months nominated by this bill. That means that, when it doesn't work—because it won't—Labor will double down and intervene even further. Wait for it. That is what is going to happen. This will further damage and smash our international reputation as a suitable and safe place to invest due to the stability and predictability of the laws of commerce that this country is supposed to run by. Instead, contracts will be torn up, agreements reneged on and confidence in government shattered.

Secondly, this bill is a repudiation of our entire economic system, and after hearing Senator McKim's contribution we know why. You know what? He reckons socialism is all right. He said it here. The left wing of the Labor Party is in charge of this government and is teaming up with the socialists from the Greens, and we have a bill before us that is going to wreak havoc and is a complete repudiation of our economic system, of free market policies, the laws of physics—how you generate electricity and how you distribute it—the rule of law and the laws of economics.

The fall of communism, a political system that actually does reject all of those things, has resulted in an expansion of wealth around the world. You don't like to hear it, but the very economic model you deride and seek to dismantle is the very economic model that has lifted millions of people around the world out of poverty. It has made sure that my kids had a much better economic life than I did and my parents before me did. For decades we have seen whole communities lifted out of poverty and our living standard increase. It's doubling concerning when you hear that their other mates the ACTU can't wait to dismantle the Productivity Commission. I read that today. Why? I see you laughing, Senator Cash. I know it's shocking. It's because the Productivity Commission adopts failed models of economics, the very models of economics that mean Australians are wealthier now than they have ever been. That is a fact.

Having negotiated a mandatory code on prices in the dairy industry as a minister, I can tell you the No. 1 thing you don't try and do is do it without consulting industry, because what's good for the Queensland dairy industry may not be great for the Victorian dairy industry, which is more export focused. If you're going to get a mandatory code of conduct right, consult industry. Guess what. It's pretty hard to do when you only finished drafting the legislation last night and only got it off to the opposition at 8.47 last night, and today you have absolutely shown your disrespect for any scrutiny of that legislation and its unintended consequences.

Instead of negotiating with industry, this Labor government has done a deal entirely with its mates the Greens and Senator David Pocock—socialists one and all—who, I'm advised, didn't even see the legislation, they were so desperate to do the deal. Bandt couldn't wait to sign up. So you're going to have Bowen and Bandt rocking up at your door, spanners in hand: 'Let me take out your cooktop—

and your gas barbecue.' There goes the barbecue. If you've got a gas bottle in the shed because you like to go camping on the weekends, they're going to take that away as well. They could not wait, so desperate were they to clinch a deal and be relevant.

Labor never learns. It always returns to the big-government, interventionist, Whitlam model. How similar is this situation to the Whitlam government's attempt in 1973 to change our Constitution to give the Commonwealth powers over price and income? It went to a referendum. Guess what the Australian people said: 'You know what, boss? No thanks.' It was the lowest yes vote in history and failed in each and every state. When you bother to go to Australians and ask, 'Do you want government fixing the prices of everything,' Australians say, No, thanks.' But they haven't done that and they haven't given the people's representatives to scrutinise it. Henry Ergas warns today that the bill will get us to where Whitlam wanted us by stealth.

The late and great Doug Anthony said on 16 May 1973, in speaking to the Whitlam government's Prices Justification Bill, which forced large businesses to justify their prices and price rises:

It is economic madness for the Government to attempt to remove the legal obstacles to industrial anarchy while at the same time calling for price restraint. It is economic madness to expect an unco-ordinated and hastily erected maze of price restraint devices to alter the basic realities of the present inflation problem in Australia.

Doug Anthony could have been talking about the Albanese Labor government in 2022, with its industrial legislation opening the door to greater industrial disputation and now draconian controls on energy producers. He promised to be Hawke, but he's actually going to be Whitlam.

I just want to finally quote Ergas:

This much, however, is certain: the psalmist's warning, "put not your trust in princes", remains every bit as relevant today as it was when the electorate knocked back Whitlam's grab for power. If parliament understood that, Australia would be a better, safer and more prosperous place.

This is simply nothing more than institutional gaslighting by the Albanese government, manipulating the people to question rational, reasonable laws of economics and physics. If history is any teacher, this will be catastrophic for our country. Shame on the Australian Labor Party, the socialist Greens and David Pocock for doing this!