Larissa Waters (Queensland, Australian Greens) Share this | Link to this | Hansard source

My question is to the Minister representing the Treasurer, Senator Cormann. I refer to reports that the new Northern Australia Infrastructure Facility announced in the budget could see taxpayers' money used to finance Galilee Basin coalmines, railways and coal ports beside the Great Barrier Reef. In this age of climate change, when we know that the Galilee Basin coal must stay in the ground, and after 11 international banks have ruled out financing these projects, handing over taxpayers' money to mining billionaires to fund economically unviable white elephants is sheer madness. Can you guarantee that taxpayers' money will not be used to prop up these climate destroying coalmines?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

I thank Senator Waters for that question. May I also congratulate Senator Waters on her elevation as a Co-Deputy Leader of the Greens. I have to answer the final part of the question first. I can give you an absolute guarantee that the Northern Australia Infrastructure Facility will not be used to fund white elephants. I can absolutely guarantee that the Northern Australia Infrastructure Facility, which is a very important tool for us to strengthen growth and create more jobs across our great north, will not be used to fund white elephants. It will be available to help us leverage private sector investment in the important productivity-enhancing, job-creating infrastructure of tomorrow. It will help us create growth across our north—from North Queensland to the Northern Territory and to the north of Western Australia. I would have thought that, as a senator representing the great state of Queensland, you would be all in favour of more investment in infrastructure in North Queensland.

Coal is our second biggest export. The largest export income comes from iron ore—about 21 per cent. When I last looked, our national export income from coal was about 12 or 13 per cent. That is a very important industry for us. It is an industry that I would like to continue to see grow and prosper. I think there is a great opportunity for us to continue to strengthen growth across North Queensland and other parts of Australia. We have not made any decisions about specific—

Stephen Parry (President) Share this | Link to this | Hansard source

Pause the clock. Senator Waters, a point of order?

Larissa Waters (Queensland, Australian Greens) Share this | Link to this | Hansard source

Thanks, Mr President. I think the Minister might have, just that second, actually been coming to my question, which I am interested in an answer to—particularly, if that facility will be used to fund Galilee Basin coal projects.

Stephen Parry (President) Share this | Link to this | Hansard source

I will call the minister.

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

I was answering the question. But, just to be very specific, I am not going to pre-empt what projects will be invested in through that facility, because, of course, we will go through a proper, orderly and methodical process to ensure that the investment is directed into sound and very strong economic infrastructure. But will I rule it out? No, I will not rule it out, because I do not want to rule out anything. (Time expired)

Larissa Waters (Queensland, Australian Greens) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. The Abbott government has abolished the mining tax and the carbon price. You are handing billions to big polluters under Direct Action and $10 billion more in fossil fuel subsidies. You are trying to axe the Clean Energy Finance Corporation, and now you are proposing a dirty energy finance corporation. Minister, has your government not done enough to wreck the climate without setting up yet another slush fund for the coal industry?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

I completely reject the premise of that question. Yes, we got rid of the mining tax because it was a job-destroying tax which was undermining our international competitiveness. Yes, we got rid of the carbon tax because it was a carbon tax that undermined our economic prosperity without doing anything for the environment. Let me just say again that coal is a very important export product for Australia. As I have said here before, we will have to agree to disagree. I believe that coal is good. I believe that coal has helped lift people around the world out of poverty. It has helped lift living standards, and long may that be the case. I was persuaded by none other than Dr Bob Brown, of course, who told us that coal-fired power was the best option. That is what Dr Bob Brown from Tasmania said. The Greens have to sort themselves out. The Greens have to decide what they believe in.

Larissa Waters (Queensland, Australian Greens) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. The Prime Minister's top business adviser, Maurice Newman, says climate change is a UN hoax. The Treasurer's budget speech did not even mention climate change. The budget papers include graphs showing projections for our biggest export commodity, which as Senator Cormann rightly mentioned is iron ore, and for our third biggest, but they conspicuously miss out coal—because coal prices have plummeted as the world shifts to renewables. Why will this government not admit that the age of coal is over?

Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Link to this | Hansard source

The reason we do not admit that the age of coal is over is that it is not. It is very hard to admit to something that is not true. In this government we believe in telling the truth. We believe in being open and transparent with the Australian people. Why would you want me to say something that I know to be untrue? I will not, and nobody on this side of the parliament will. I would love to continue to have these conversations with Senator Waters and the Greens about coal, but I have got to say what I have said here before: I find it very hard to take the Greens seriously on this because right now they are fighting for regular reductions in the tax on fuel. Right now they are fighting to hand back hundreds of millions of dollars to big oil. So do not come in here telling us sanctimoniously how we should shut down the coal industry and shut down the iron ore industry and shut down farming and go and sit in caves. We actually want to continue to grow the economy. We want to continue to lift living standards. That is what we are doing. But, you go— (Time expired)