Greg Hunt (Flinders, Liberal Party, Minister for the Environment) Share this | Hansard source

for reducing emissions—50,000 tonnes of emissions under their first contact. But they are part of a broader Australian success story.

How do you reduce emissions and electricity prices at the same time? Well, the first thing is that you reduce a carbon tax which was failing to do its fundamental job and which was driving up electricity prices. As the ACCC found, the full $550 which we predicted flowed back on average to families around Australia after the carbon tax was repealed. And that was the ACCC that found that—not us.

The second thing is, of course, that the first Emissions Reduction Fund auction was a spectacular success—47 million tonnes, $13.95 per tonne of abatement and approximately one per cent of the more than $1,300 per tonne cost of abatement under Labor's failed scheme. And how do we know it failed? Because they went to the last election pledging to terminate it. Remember that? They pledged to terminate it but they voted to keep it.

Then what do we see in terms of the next auction? Already we have 500 projects registered around the country—

Mr Dreyfus interjecting—

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