Jenny McAllister (NSW, Australian Labor Party, Assistant Minister for Climate Change and Energy) Share this | Hansard source

I thank the senator for her question. I know that the senator has had a long period of advocacy for Tasmanians and their interests. She's right that projects like this do have long lead times, and she is also right in saying that, for a very long time, nothing happened on Marinus. The former government talked a very big game, but they did not fundamentally progress the project. The former minister, Mr Taylor, said of this project that it would 'provide the affordable, reliable and sustainable electricity that's not just required here in Tasmania but required in the mainland'. He said that, but it didn't get anywhere, did it? It's a shame, because the AEMO ISP in 2024—this year—finds that that project remains an actionable project and provides hundreds of millions in net market benefits.

The government has made progress. We are actively managing the cost pressures that the senator refers to in her question. In September 2023 governments together revised their agreement in recognition of the impact of rising project costs. The new agreement prioritises delivery of the first cable, which delivers close to two-thirds of the total project benefit for the NEM, and the Commonwealth also increased its equity stake in the project and increased the concessionality of the Commonwealth's debt finance. So we're seeing action. In August the project company signed contracts for the high-voltage cables, and in May they executed the contract for the converter stations. This progress is because this government is working constructively with the states through Rewiring the Nation. Those opposite propose now, as I understand it, to abolish Rewiring the Nation and all of the progress that has been made on Marinus with it. (Time expired)