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

My question is to the Minister representing the Prime Minister, Senator Conroy. I refer the minister to the story in the government's favourite newspaper this morning reporting that Labor's carbon tax is one of the main reasons why more Australian businesses are going to the wall than ever before. I refer the minister in particular to reports in the Daily Telegraph today that more than one business every hour is going to the wall across Australia now, corporate insolvencies are now 12 per cent higher than during the GFC—

Government Senators:

Government senators interjecting—

John Hogg (President) Share this | Link to this | Hansard source

Just wait a minute, Senator Cormann.

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

It gets them going, doesn't it?

Government senators interjecting—

John Hogg (President) Share this | Link to this | Hansard source

Order! No, Senator Cormann, I do not need comment. But Senator Cormann is entitled to be heard in silence on my right.

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

Corporate insolvencies are now 12 per cent higher than during the GFC, with thousands of people losing their jobs, and factories which have stood for generations are forced to close their doors—all that, in large part, as a result of soaring energy bills caused by Labor's carbon tax. Does the minister agree that it is in the public interest for the Daily Telegraph to report that information?

Stephen Conroy (Victoria, Australian Labor Party, Minister for Broadband, Communications and the Digital Economy) Share this | Link to this | Hansard source

I was actually quite shocked—I somehow did not appear in the article. This is a classic case of the selective use of statistics, hysterical headlines and the misreporting of facts. The report in the Daily Telegraphtoday sounds more like the Leader of the Opposition's political scare campaign than factual newspaper reporting. To suggest that the carbon price is causing a catastrophe in the economy is plainly absurd.

So what are the actual facts? The Daily Telegraph say a record 10,632 companies collapsed in the 12 months to 1 March 2013 due to the carbon price. What they do not tell their readers is that during the same 12 months over 186,000 new companies were registered according to ASIC figures—more than 17 times more new businesses being formed than going insolvent. In fact, the number of companies going into administration over the 12 months to 1 March 2013 was lower than during the preceding 12 months, when only 10,815 went into external administration. Less went— (Time expired)

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

Mr President, I ask a supplementary question. Can the minister provide a guarantee that the world's biggest carbon tax was not a significant contributing factor in thousands of company collapses since the implementation of Labor's carbon tax?

Stephen Conroy (Victoria, Australian Labor Party, Minister for Broadband, Communications and the Digital Economy) Share this | Link to this | Hansard source

(—) (): Since the carbon price came into effect over 118,000 companies have been registered—more than 20 every hour. The Daily Telegraph also neglects to mention that since the start of the carbon price, on 1 July last year, more than 130,000 extra jobs have been created—more than 20 every hour since carbon pricing started. Australia has retained one of the lowest unemployment rates in the developed world, at 5.4 per cent. The economy grew at an annual rate of 3.1 per cent in the year to December. Business investment— (Time expired)

Honourable Senators:

Honourable senators interjecting—

John Hogg (President) Share this | Link to this | Hansard source

Order! I remind honourable senators the time to debate this is at the end of question time.

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

Mr President, I ask an additional supplementary question. Given the Minister representing the Prime Minister could not present any evidence that the Daily Telegraph story is in fact wrong, and given Labor's carbon tax is already having such a devastating effect on businesses and jobs across Australia, why is the government pressing ahead with a further five per cent increase in Labor's carbon tax on 1 July 2013?

Opposition Senators:

Opposition senators interjecting—

John Hogg (President) Share this | Link to this | Hansard source

Order! When there is silence we will proceed. On my left: when there is silence!

Stephen Conroy (Victoria, Australian Labor Party, Minister for Broadband, Communications and the Digital Economy) Share this | Link to this | Hansard source

Business investment has continued at very high levels—

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

Why are you increasing the tax?

John Hogg (President) Share this | Link to this | Hansard source

Order! You have asked the question.

Stephen Conroy (Victoria, Australian Labor Party, Minister for Broadband, Communications and the Digital Economy) Share this | Link to this | Hansard source

with almost $270 billion in confirmed investment into Australia's resource sector alone. The S&P/ASX 20, the share market index: what has that done? It has increased by 25 per cent. Those opposite ran this completely fraudulent campaign for most of the last two years about how we were going to wipe out Whyalla. Remember that? We had the cobra strike, we had all of that, and what have we seen in fact? Unemployment at 5.4 per cent, $270 billion of investment and 133,000 new jobs. (Time expired)