Nola Marino (Forrest, Liberal Party) Share this | Hansard source

The green loans program. Is it the same commercial filter through which the government gazed when it pretended to see world action on pricing carbon—even though the world has basically walked away from such moves? Is it the same commercial filter that the government used when it told high-energy-using trade-exposed industries that their carbon tax would have no impact—even though we see job losses, cancelled projects and closures on a daily basis? We really need to know what commercial filter this corporation will apply.

There are already serious concerns that the CEFC may in fact have a distortionary impact on the market and not stimulate tangible, sustainable results for progress in renewable energy projects. It may well undercut finance and investment in existing projects that have had to secure commercial financing—they have had to have a commercial case for large-scale renewable energy projects, and I have no doubt that the $10 billion will not be successfully invested. Irrespective of this, the renewable energy generated will still be 20 per cent—20 per cent before; 20 per cent after—so where is the justification?

I am absolutely appalled at the projected $750 million of taxpayers' money as losses attached to this bill. This is in the government's own papers. The government is admitting upfront that it plans to lose taxpayers' dollars through the Clean Energy Finance Corporation Bill. I find that just appalling. Clearly, $750 million is chickenfeed to what the actual waste will be—$10 billion to pick Labor-Greens winners—and we will simply see questionable initiatives funded to support Labor and Greens ideologies. It will be without any question a Labor left-wing slush fund, aided and abetted by a board that will be appointed by the government and one that must consult with Labor ministers, a direct hands-on process. This is $10 billion being borrowed that Australian taxpayers will ultimately have to pay back. It is not in the government's budget. It is not part of the Labor government's $300 billion increase in the nation's debt ceiling.

I have actually seen, as other members would have seen, some of the you-beaut schemes that will be pitching for these funds. I have seen some in newspapers and I have heard of some being hawked around the halls of this House. There are all sorts of opportunists rubbing their hands with glee. They know this is a gullible government. They have been down this road before. We have seen billions and billions of borrowed taxpayers' dollars wasted by this government. The opportunists know that the government cannot deliver programs without waste and mismanagement and they cannot wait to get their hands on these taxpayer funds. But it comes at a cost to Australian taxpayers. This government is infamous for coming up with the wrong answers to the questions of the day facing this nation, and this is yet another example of Labor getting it wrong.

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