Sharon Claydon (Newcastle, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Climate Change and Energy. How will the Albanese government's safeguard mechanism reforms strengthen our economy, and what's been the response to the passage of this through the House yesterday?

Chris Bowen (McMahon, Australian Labor Party, Minister for Climate Change and Energy) Share this | Link to this | Hansard source

I thank my honourable friend for the question, and I know how proud she is to be the member for one of the great industrial and energy powerhouses of our nation. I know her that Hunter colleagues, her Illawarra colleagues and all the regional colleagues on this side of the House know that the regions that have powered Australia and have been the economic centre of Australia for so long will be the centre of a renewable Australia as well. They know we have to seize the opportunities.

Increasingly, economic success for industries and for countries will be determined by those countries that have the best framework for decarbonisation. Investors will demand it, insurers will demand it, and consumers demand it as well. Increasingly, economic success and climate success are interlinked, and that's why the passage of the Safeguard Mechanism (Crediting) Amendment Bill 2023 through the House yesterday and its passage through the Senate later this week will be so important for our future.

The honourable member asked me about the response. It has been welcomed across the business community, because what the Albanese government is doing this week has received the support of the Business Council and the Climate Council. It's received the support of the ACF and the AiG, the Australian Conservation Foundation and the Australian Industry Group. That's what this government worked so hard on—getting the policy right to reduce emissions and increase economic activity. The Business Council said yesterday it is a 'tough but achievable' framework that the government announced. Ai Group, the Australian Industry Group, said:

The treatment of new facilities appears to strike a workable balance, providing pathways for new projects that stack up to go ahead without adding to burdens on existing facilities or threatening national emissions goals.

The Investor Group on Climate Change has said:

The reforms will help to unlock investment in the new and existing industries that will maximise Australia's competitive advantages in a net zero world.

That's what the business community thinks about these reforms.

Those opposite think they know business better than the Business Council. Those opposite think they know industry better than the Australian Industry Group. The shadow minister this morning was railing against safeguard reforms, and it was put to him by Laura Jayes: 'Business disagrees. How do you square that away?' He said, 'Well, you might say business disagrees. There are some business associations that have supported the principle.' But that wasn't his best answer. He was then asked, 'You did sign up to net zero. How are you going to get there?' His response? 'Great question.' Well, while he's asking great questions, the Albanese government's delivering on the job.

Government Members:

Government members interjecting—

Milton Dick (Speaker) Share this | Link to this | Hansard source

Order! Members on my right will cease interjecting. The Deputy Prime Minister will cease interjecting. The member for Fairfax—

An opposition member: Very good interjections!

I can hear his interjections. If he continues to do so, he'll be warned.