Jim Chalmers (Rankin, Australian Labor Party, Treasurer) Share this | Hansard source

What those opposite are contemplating represents economic insanity, pure and simple. If you look at the document that the Treasury put out with the modelling, they made the following points clear—and I'm quoting the Treasury: 'The economic costs to Australia of not pursuing net zero would be significant and consequential. Not pursuing net zero by 2050 risks lower economic growth, reduced investment, missed export and employment opportunities, and higher electricity prices. These outcomes would flow from several channels, including heightened policy uncertainty, increased borrowing costs on global markets, and the loss of potential new export markets.' These are important points. Theirs is a recipe for higher energy prices, lower wages, less investment, less reliable energy and fewer jobs in our economy, but we know, as the Prime Minister said, they are not really focused on the jobs of the Australian people; they're only focused on their own jobs. They are absolutely tearing themselves apart over net zero. They are divided. They are divisive. They are delusional. And that's why they're in disarray.

When it comes to this most important economic transformation, this side of the House will continue to work through the issues in a considered and methodical way, because our objective is to make the most of this crucial economic transition in our economy so that our people benefit.

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