Lisa Singh (Tasmania, Australian Labor Party, Shadow Parliamentary Secretary to the Shadow Attorney General) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Brandis. Can the minister confirm that under the Turnbull government's latest energy policy renewable energy is forecast to grow by just five percentage points over the next 10 years?

George Brandis (Queensland, Liberal Party, Attorney-General) Share this | Link to this | Hansard source

Thank you, Senator Singh: for the first time a question from the opposition that actually asks a question about the policy, so that's refreshing, but you are of course one of the more intelligent Labor senators. That's why they keep you on the backbench, Senator Singh, I'm sorry to say. That's why they tried to kick you out and they put you on the backbench, because you wouldn't be able to compete with some of the intellectual giants on the frontbench, poor Senator Singh.

I said something to Senator Di Natale about this. The estimate of the increase in the mix of renewables is up to 36 per cent by 2030. That is the relevant figure.

Stephen Parry (President) Share this | Link to this | Hansard source

Senator Singh, a supplementary question.

Lisa Singh (Tasmania, Australian Labor Party, Shadow Parliamentary Secretary to the Shadow Attorney General) Share this | Link to this | Hansard source

It is estimated that over $9 trillion will be invested in renewables worldwide by 2040. Why is Mr Turnbull turning his back on renewables and depriving Australia of its share of that investment and the thousands of jobs that go with it?

George Brandis (Queensland, Liberal Party, Attorney-General) Share this | Link to this | Hansard source

I just told you that the share of renewables in the Australian energy mix under the policy the government has announced on the advice of the Energy Security Board will grow, and grow significantly. Nobody has doubted for a moment that renewables will be an increasing share of the energy mix. That's not the point, because what you have put to me is a given, agreed to by almost everyone. The point is how to arrange the mix, how to manage this transition in a way that makes energy supply secure and makes housing most affordable. If you are theological about this, like the South Australian government was, and demand that 50 per cent of the energy mix be based upon renewables—in particular, intermittent power—then what you end up with is the kind of policy catastrophe that saw the entire state of South Australia blacked out because of poor policy and poor planning. (Time expired)

Stephen Parry (President) Share this | Link to this | Hansard source

Senator Singh, a final supplementary question.

Lisa Singh (Tasmania, Australian Labor Party, Shadow Parliamentary Secretary to the Shadow Attorney General) Share this | Link to this | Hansard source

That answer just turned Australia away from thousands of jobs for the future. Analysis by Ernst & Young has said that Labor's 50 per cent renewable target will create 28,000 new jobs and 34 per cent renewables by 2030 will create only 14,000 jobs. Why is Mr Turnbull turning his back on renewables and depriving Australia of over 14,000 jobs.

George Brandis (Queensland, Liberal Party, Attorney-General) Share this | Link to this | Hansard source

Because what we're developing is an energy policy, not an industry policy. The objective of our energy policy is to ensure that Australian households get their electricity supply at the lowest possible price and that that supply is reliable and secure.

It's the advice of the Energy Security Board, which we have adopted and announced today, that the energy guarantee will secure those two objectives. It will grow the share of renewables in the mix. It will maintain Australia's commitment to our Paris targets. It will reduce the cost of electricity to households by between $110 and $115 a year, which is more than Dr Finkel's recommendations would have reduced it by. And it will make the supply of power reliable. That is why we have adopted these policies, because that's what the Australian people expect of their government.

Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister for Finance, representing the Treasurer, Senator Cormann. Can the minister please explain the impact of the Turnbull government's national energy plan on the economy and on jobs?

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

I thank Senator Hume for that great question. By putting downward pressure on electricity prices and by ensuring the reliability and stability of the National Electricity Market, we will not only take pressure off household budgets; we will also help businesses be more successful and more profitable, and that will help deliver more jobs and growth.

Now, the Labor-Greens carbon tax was deliberately designed to push up the cost of electricity, hurting families, hurting business, costing investment and leading to fewer jobs and lower wages. What we are doing here is deliberately designed to bring electricity prices down and to boost reliability, and to do so in a way that is consistent with our international emissions reduction commitments.

We are tackling power bills from every angle, from network to generation to retail costs, and at the centre of our plan is today's announcement by the Prime Minister that we will pursue a National Energy Guarantee. Our National Energy Guarantee is expected to reduce wholesale electricity prices by about 20 to 25 per cent and household energy bills by about $100 to $115 a year. The National Energy Guarantee is the unanimous recommendation of the Energy Security Board which was set up by the Council of Australian Governments on the recommendation of the Finkel report.

The National Energy Guarantee provides the investment certainty that global and domestic investors need to commit to increased investment and to increase supply. Increased supply brings prices down. Businesses across Australia need access to competitively priced and reliable energy supplies, and this will help business be more successful and more profitable into the future. More successful and more profitable businesses will be able to hire more Australians and pay them better wages. (Time expired)

Stephen Parry (President) Share this | Link to this | Hansard source

Senator Hume, a supplementary question?

Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

I thank the minister for his answer. Can the minister please also explain how the government's national energy plan will put downward pressure on electricity prices, improve reliability and still ensure that we can meet our emissions reductions targets?

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

By providing industry certainty we will be able to attract more investment. More investment means more supply and lower prices. There won't be any cross-subsidies for any energy source, distorting the market and creating inefficiencies paid for by electricity consumers. It keeps coal going, which the Greens will be pleased to hear!—by far the most affordable energy source and, of course, our second-highest national export income earner. It reduces supply and price volatility, with fewer price spikes. It will help reduce prices overall. The National Energy Guarantee is a simpler and more commonsense system that is genuinely technology and resource neutral. All electricity generation options that support reliability and emissions reductions are on the table under our approach. This is not, of course, the case with the renewable energy target or clean energy target.

Stephen Parry (President) Share this | Link to this | Hansard source

Senator Hume, a final supplementary question?

Jane Hume (Victoria, Liberal Party) Share this | Link to this | Hansard source

May I also ask: what would be the consequences of the government's national energy plan to put downward pressure on power prices not being implemented?

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

If our national energy plan were not implemented, electricity prices would be higher and we would have more Jay Weatherill blackouts. That would be the consequence.

Of course, the Labor Party now has joined the Greens. The Labor party has been hijacked, the same as the Greens have been hijacked for many years, by the extreme, left-wing, elitist, activist agenda. The Labor Party used to be the party for the worker, but they don't care about the worker anymore; they now just care about feeding the extreme, left-wing, elitist agenda, which will lead to fewer jobs and lower wages, and they know it. It will impose additional higher costs on households across Australia, and particularly low-income households.

Mr Butler came out very quickly; 48 hours before we even released the plan, he was already opposed to it. I encourage Alice Workman from Buzzfeed to look at Mark Butler's tweet on 8 August 2017, when he was singing the praises— (Time expired)