House debates

Tuesday, 11 October 2011

Questions without Notice

Carbon Pricing

2:33 pm

Photo of Greg CombetGreg Combet (Charlton, Australian Labor Party, Minister for Climate Change and Energy Efficiency) Share this | Hansard source

I thank the member for Wills for his question. As the House is aware, this morning the second reading debate on the government's clean energy legislation package resumed. As I said a moment ago, this is a very important environmental and economic reform for this country. This evening, of course, we expect to be able to proceed to the consideration in detail stage in relation to the bills before a final vote tomorrow morning on both the clean energy bills and another bill that is before the House: the government's steel transformation plan.

This is a crucial economic reform. It is central to assuring this country's economic prosperity and competitiveness in the years ahead. The Clean Energy Future package will deliver very significant benefits to the economy over time, including a very significant increase in investment in clean energy. The Treasury modelling that the Treasurer referred to a short while ago predicts, in fact, that the carbon price will drive around $100 billion of investment in the renewable energy sector over the period to 2050, and it will transform our energy sector and create a considerable number of jobs. Those jobs will not be just in new industries and renewable technologies; they will also support jobs in what we would describe as the more traditional areas of the economy, including in construction, electrical services and many areas of manufacturing. The modelling shows that employment will increase in our economy by 1.6 million jobs to the year 2020.

At the same time, of course, the scheme that the government will introduce will be environmentally effective. The carbon price arrangements will see emissions reduced in our economy by at least 160 million tonnes in the year 2020 and ongoing. That is the least reduction in emissions that we can expect from the arrangements to be put in place.

Time and time again in our economic history it is the Labor Party that has made the reforms that are so crucial to future prosperity and intergenerational equity, and time and time again it is the coalition that have sided with vested interests against the interests of the nation and the Australian people generally. Let us not forget the fact that they opposed Medicare, they opposed compulsory superannuation and now they are opposing this reform. Medicare, compulsory superannuation and this reform all promote intergenerational equity. They will promote social equity. They will improve the environment. They are institutional changes that have ensured our economy remains competitive.

We heard earlier in question time that the Leader of the Opposition proposes to oppose the steel transformation plan—and this is after he has been running around trying to terrify people about their jobs in the industry. Once again, hypocrisy. This package that is before the House will be environmentally effective, it will be economically efficient and it will be socially equitable. The household assistance that the government is providing will ensure that nine out of 10 households receive assistance through either the tax reform and the tax cuts that will be implemented or the increase in Commonwealth benefits, like the 1.7 per cent increase in pensions. It will be a very important and equitable reform for the nation.

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