Gerard Rennick (Queensland, Liberal Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Prime Minister, Senator Farrell. AEMO explicitly named regulatory approvals, price intervention and a mandatory code of conduct as key uncertainties impacting project time lines and likelihood of completion. Minister, will you admit that the interventions of your government are suppressing and damaging investment in new gas projects?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Thank you, Senator Rennick, for this rare question! The short answer to that is no. Look all around the world, Senator, at the consequences of this terrible war between Russia and Ukraine—what it has done to gas prices right around—

Opposition senators interj ecting—

Sue Lines (President) Share this | Link to this | Hansard source

Order on my left! Minister Farrell, please continue.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

All around the world, governments are dealing with this issue of rising electricity prices. All around the world, governments have had to deal with a way of trying to put downward pressure on those prices. What we have done—

Honourable senators interjecting—

Sue Lines (President) Share this | Link to this | Hansard source

Order! Minister Farrell, please resume your seat. Order on my left and right! Minister, please continue.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

What are the Europeans doing? What are the Europeans doing at the moment? They're putting caps on gas prices. Is anybody in Europe saying, 'This is going to result in disinvestment in gas'? No, they're not saying that. In fact, what they're doing is increasing their investment in this area. And, of course, my belief is that that's where—

Matthew Canavan (Queensland, Liberal National Party) Share this | Link to this | Hansard source

I know you want to do that, Don, but that's not what your government did.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I'm happy to talk to you, Senator Canavan, about gas prices and the importance of investment in gas in this country— (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Rennick, first supplementary?

Gerard Rennick (Queensland, Liberal Party) Share this | Link to this | Hansard source

When will the Albanese government's mandatory code of conduct be finalised?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

Unlike the former government, who seem to be unable to come up with any sensible plan in respect of gas prices, coal prices, electricity prices or climate change, this government has got a plan, and we are working through that plan as we speak. We're working through that plan as we speak. We've got a number of excellent ministers, like Minister—

Gerard Rennick (Queensland, Liberal Party) Share this | Link to this | Hansard source

Point of order, President: I asked when the mandatory code of conduct will be completed, not when you are working through it.

Sue Lines (President) Share this | Link to this | Hansard source

I will direct the minister to the question.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

We're dealing with the issue. We're putting downward pressure on the electricity system, and we are consulting, as we should— (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Rennick, second supplementary?

Gerard Rennick (Queensland, Liberal Party) Share this | Link to this | Hansard source

Labor has broken its promise to lower power bills by $275. Given the simple economic fact that price controls do not increase supply, what do you have to say to Australians who may also lose power and heating this year because of Labor's failed energy policies? Is the government lowering bills by simply not having any power or gas to buy?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank the senator for his supplementary question. This government has made it very clear that we continue to support the gas industry in this country.

They may not say that to you, Senator, but they say that to me, and I have regular discussions with many of the major gas companies in this country. They understand the pressure that Australian consumers and Australian businesses are under as a result of your failure to—

Opposition senators interjecting —

Sue Lines (President) Share this | Link to this | Hansard source

Minister Farrell, please resume your seat. Order on my left! Minister, please continue.

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

These issues are being dealt with. (Time expired)