Bill Shorten (Maribyrnong, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

Again, I am happy for the Leader of the National Party to take some notes here, if he does not read it in Hansard: $82 billion is almost double what it was last year, which was $47 billion. There is a lot going on in Australia. It is just that no-one has bothered to tell the opposition. Indeed—and here is a contemporaneous fact as opposed to the economics textbook written in 1920 read by the Nationals—in the last month alone—

Mr Christensen interjecting—

I did not mean to imply that the member for Dawson reads books! In the last month alone, Chevron, BHP and Rio—they are a bunch of milk bars; no they are not; they are some of the biggest mining companies in the world—have announced new projects or expansions in the resource sector worth more than $30 billion in total. Hold the presses! Hasn't anyone told them that the carbon pollution tax, according to the opposition, is going to ruin their industry? Clearly not, because, of course, those opposite know so much more than the boards of these big companies that they will ignore the $30 billion of these projects, they will ignore the $82 billion in mining capital expenditure and they will ignore the 21,000 new jobs created. I know it is a bit like arm wrestling with a child here—I do not mean to intellectually arm-wrestle those opposite—but I would say that since we have announced the price on carbon 14 companies have announced new projects or expansions in the resource sectors. How can this be? How can those opposite say that setting a price on carbon pollution is such a bad idea? There is $82 billion of investment, 21,000 new jobs, $30 billion with Rio, BHP and Chevron, and we are seeing that 14 companies have announced new projects or expansions in the resources sector. That was just my second submission.

So the jobs are being created, we want to win the competition of the future and the mining industry is moving forward. But let us have a look at this debate where the opposition say that pensioners and people are going to be worse off under these schemes. If I have not convinced the intellectual amazons opposite of the first two points, let me then put to them this proposition about the pension income rise. What was written in the Financial Standard—the Financial Standard is a financial journal—was:

Superannuation investors aged between 55 and 59—

that would be the average age of those opposite—

are set to receive a tax-free income boost if Carbon Tax relief measures are implemented, according to MLC Technical Services.

You're right—MLC Technical Services: what would they know! The article goes on to say:

Pension investors of that age would be able to receive an extra $1500 in taxable pension income, without paying any tax.

Nice one, I would say: $1,500 is good money. The article continues:

From July 1 2015, they are likely to be entitled to an extra $2000 in tax-free income, compared to now.

Taking into the account the 15% pension tax offset, this would result in tax savings of around $280 and $360 respectively.

A lady called Gemma Dale, who is the head of MLC Technical Services—you will probably be doing a Google search to check that she is not a secret member of the Labor Party, which she is not—was quoted in the article as saying:

This means they can draw more income, if required, from their pension investment without paying any tax

The article continues:

Currently those in the 55-59 age bracket can receive taxable pension income of up to $48,158 before being taxed.

If and when we get the Clean Energy Bill through this parliament, it is implemented and the income tax rates are amended, that figure is going to rise to $49,753 and $50,189 in 2015. This is good news. So when we have a look at the debate, unlike former Prime Minister Howard, who once famously said, 'Working Australians have never been better off'—that was just before he introduced Work Choices—the Gillard government understands that we have a multispeed economy and many are doing it tough. That is why we have the good fortune of high employment, low inflation, good terms of trade and low Commonwealth public sector debt.

As my fourth submission, I and other Australians understand that, of course, in these tough times globally it is very volatile. But there is no doubt in the mind of the government and indeed no doubt in the minds of the serious journalists and the people who are aware of what is going on in the world that the rest of the world is acting on climate change. This is a very important point. The opposition has been at great pains to say, ' Australia is going out on its own; we are so far ahead of the pack that we are just crazy.' In fact, over 30 countries have carbon pricing in place and have already started the transformation to a low-pollution economy.

Mr Christensen interjecting—

Could the member for Dawson cease interjecting. He has one mouth and two ears and I suggest he should argue with two ears.

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