Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

I don't have the budget papers with me, but it would be in the contingent liabilities, and it would probably also feature in the statement of risks as well, so it is fully accounted for. There is a review of the Capacity Investment Scheme currently underway, but the costs associated with it—I'm happy to come back and provide it. I don't have that document in front of me, sorry, Senator Hanson, but I'm very happy to provide that number to you. It is accounted for, and it was accounted for in MYEFO. If you talk to big emitters, it has been an important part of our response to addressing climate change, to reducing emissions and to supporting the economy as that transition occurs. It's a worldwide energy transition that's happening, and we have to respond to it. I know there are different views about that.

When we came to government, 24 out of 28 of the ageing coal-fired power stations had announced they were closing within the decade. Eight had already closed, including Hazelwood, because they were old and at the end of their life. So rebuilding the energy grid, and supporting big emitters with reducing their emissions, is a necessity. We have to provide an energy grid that works for the future, and the reality is that the infrastructure and policies we had under the former government weren't delivering that change. The government has worked across the economy to support that transition. I will come back on the exact figure. The review is underway, and the books do account for it.