Varun Ghosh (WA, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister representing the Minister for Climate Change and Energy, Senator Ayres. The Albanese government was re-elected with a renewed mandate to lower emissions and deliver affordable and cleaner energy systems. The election was an endorsement of the government's practical policies to reduce emissions. What progress is being made on meeting Australia's climate targets, and how is the government lowering emissions while strengthening our economy?

Tim Ayres (NSW, Australian Labor Party, Minister for Industry and Innovation) Share this | Link to this | Hansard source

Senator Ghosh, thank you for that question. The truth is that Australia is tracking well in terms of meeting our 2030 climate target. In the year to March, 440 million tonnes of carbon dioxide equivalent were recorded. That is 6.5 million tonnes lower than the year before and 28 per cent below 2005 levels. Preliminary data from the year to June is lower again, at 436 million tonnes. Emissions are lower than at any point under the previous government, and the government is meeting the electorate's call to address climate change with policies that also strengthen the economy. For example, under the Capacity Investment Scheme, we will deliver 40 gigawatts of competitive generation and storage, and it has unlocked tens of billions of dollars in new investment in industrial energy and home energy capacity. So far, developers who've won Capacity Investment Scheme contracts have committed to more than $14 billion in spending on local content, local jobs, local fabrication, local electrical contracting and, in regional communities, 10,000 jobs during construction.

Under the cheaper home batteries scheme, as of today, there are 41,000 batteries in 41,000 Australian homes that will have lower home power bills because they all use cheap electricity from their roof all day and store it during the day—that is, 41,000 households who would be paying more but for the scheme that this government introduced on the back of the election, where people spoke very clearly about the direction forward in terms of energy policy.

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

Senator Ghosh, first supplementary?

Varun Ghosh (WA, Australian Labor Party) Share this | Link to this | Hansard source

Since the Albanese government's first term, there has been strong investment in renewable energy and storage infrastructure. At the same time, the ongoing reforms to Australia's gas market are the most significant in a decade. Why is it in Australia's national interest to meet our climate targets and to have an internationally competitive energy system?

Tim Ayres (NSW, Australian Labor Party, Minister for Industry and Innovation) Share this | Link to this | Hansard source

The first thing you must have, of course, is policy certainty. Under the last government, four gigawatts left the system; one gigawatt went in. The truth was what should have happened was tens of gigawatts of new electricity generation should have gone into the system, new transmissions should have gone into the system over that decade, and we are working our way through the legacy of capital flight, which is what happened under the previous government. Investment in onshore wind and offshore wind and solar, gas and storage that should have happened over the last decade and should have supplied more electricity generation for Australian industry didn't happen. We had capital flight, disinvestment, industrial challenges, all because this lot opposite could not bring themselves, over the course of 22 failed energy policy frameworks—I mean, if you get it wrong once— (Time expired)

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

Senator Ghosh, second supplementary?

Varun Ghosh (WA, Australian Labor Party) Share this | Link to this | Hansard source

The economy will be strengthened by the significant investment needed to meet our climate targets and by building an internationally competitive energy system. What are the barriers to this investment? What parts of the community will be affected if it does not occur?

Tim Ayres (NSW, Australian Labor Party, Minister for Industry and Innovation) Share this | Link to this | Hansard source

This is, of course, nation-building work. This work, the work of new wind, new solar and new transmission, is nation-building work. It is blue-collar industry building work. It is the kind of work that is going to set our regions up for future jobs, future factories, future industries and more economic resilience. The chief barrier to that, of course, is policy uncertainty. We saw the outcome of policy dysfunction while this lot were in government. We saw the behaviour last year in the lead-up to the election which saw them proposing a policy framework which would have delivered less electricity and been more expensive. Now we can see they haven't learnt their lesson. They are doing the same thing again. They are going back to the well. What there will be— (Time expired)