Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

Madam Deputy Speaker, I am certainly happy to address it directly. Over the four years to July 2011, European carbon prices have traded in the range of $16 to $50. Now, what countries could there be around the G20 table who might be in that situation? There is France, there is Italy, there is the United Kingdom—there is a whole range of developed economies that are part of the European scheme. Those opposite will come into this House and maintain that the European price is low at the moment, but there is no reason it will stay there. What we do know is that carbon prices in the European zone have traded between $16 and $50 over the four years through to the middle of 2011. I think that answers that question pretty clearly. You on that side of the House are so embarrassed by your performance here. Countries around the world are putting in place emissions trading schemes, because those countries understand the importance of dealing with dangerous climate change.

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