Ellie Whiteaker (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 Labor government was re-elected with a renewed mandate to address climate change. Achieving Australia's climate targets requires significant investment in a new internationally competitive energy system and industrial capacity. Why is policy certainty essential for sending clear market signals to investors?

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

Thank you, Senator Whiteaker, for that question; it is a very good question, indeed. You're right. This government is making strong progress towards meeting Australia's climate targets. The government listened to what Australian voters said not just in 2025 but also in 2022 to every politician in Canberra. We listened, and we are delivering. They want Australia to do its part in stopping climate change both here and in terms of our contribution to international action. That means technical and industrial collaboration with our friends in North Asia, for example, including the Republic of Korea, who were just in the room.

Australians want an affordable and clean energy system. That requires private investment, and private investment requires confidence and certainty. You would have to have everything but confidence and certainty in what is going on over on the other side of this chamber and in the Liberal and National parties around the country.

We do that, broadly, within a framework of fiscal responsibility too, which is why we didn't go to the last election with a $600 billion plan for nuclear energy that Australia couldn't afford, that would never be delivered on time and that would force Australian industry offshore. Of course, what we saw over the miserable period of the Morrison, Abbott and Turnball governments was disinvestment in Australian industry and disinvestment in Australian electricity. We saw investment happening everywhere but in Australia because the government couldn't take a rational, science based, certain approach that provided investors with confidence. (Time expired)

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

Senator Whiteaker, first supplementary?

Ellie Whiteaker (WA, Australian Labor Party) Share this | Link to this | Hansard source

Thank you to the minister for that answer. Australia joined its international partners in committing to net zero by 2050. The Albanese Labor government has strengthened Australia's climate targets and has twice received a mandate to achieve them. Why does it matter whether Australia honours its international commitments?

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

I thank Senator Whiteaker for her first supplementary question. Senator Hume gets it. She said:

... capital markets right around the globe require certainty. We want to see more investment in Australia in this space, and if we don't have policy certainty we'll miss out on those capital flows.

Our international partners, domestic and foreign industry and investors watch Australia to see whether we can be relied upon. They watched when the coalition was in government. They saw Prime Minister Morrison and former energy minister Angus Taylor go to the Glasgow Conference of the Parties and commit Australia to net zero by 2050. Led by Mr Morrison and led by Mr Taylor, they were in there doing what was the right thing for Australia in our economic interest and committing Australia to a plan for net zero by 2050. Not much detail and a lot of press releases— (Time expired)

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

Senator Whiteaker, second supplementary?

Ellie Whiteaker (WA, Australian Labor Party) Share this | Link to this | Hansard source

Capital markets value policy certainty, and many of Australia's closest partners are also committed to climate action. What parts of the community would be affected if Australia abandoned its international commitments and adopted unclear and chaotic energy policies?

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

It's what Senator Scarr used to call economics 101, basically. He waves the textbook around. Senator Paterson said that the coalition's platform policy doesn't matter. There's a bit of a debate, I know, about whether they were in a rush to get to certainty or whether they wanted to have certainty later on. Senator Paterson said: 'Our position on this is academic. We're in opposition.' For something that's academic, there's a lot of focus. If you followed Senator Canavan and Mr Joyce's proposition, it would make regional Australia weaker and poorer with less investment and fewer good jobs. When they go out there, fighting against renewables developments and transmission lines hundreds of kilometres away from where they live, they are standing in the way of good blue-collar jobs and investment in the manufacturing industry and against the national interest. (Time expired)