Mathias Cormann (WA, Liberal Party, Shadow Assistant Treasurer) Share this | Hansard source

My question is to the Minister representing the Minister for Climate Change and Energy Efficiency, Senator Wong. Is the minister aware that 97 per cent of the world's carbon trading volume takes place within the European Union Emissions Trading Scheme, where carbon permits are currently trading at around €7, or $9, and that very generous transitional assistance arrangements were provided to carbon price payers in Europe, starting with 100 per cent free permits for emissions-intensive, trade-exposed industries? Also, is the minister aware that, according to research by the major global investment bank UBS, the European emissions trading scheme has cost European consumers $287 billion for, and I quote, 'almost zero impact on cutting carbon emissions'? Why does the Gillard government persist with a carbon tax in Australia that imposes a cost of $23 per tonne of carbon emissions—and rising—which is more than double the European price and makes Australian businesses less competitive than even their competitors in Europe?