Matthew Canavan Queensland, Liberal National Party
2:29 pm
My question is for the Minister for Finance, Senator Gallagher. Minister, Labor's export finance agency has guaranteed $250 million for an Indian government owned corporation to fund renewable projects in India. At Senate estimates, officials confirmed that there is no direct Australian company involvement in these projects. Why is Labor financing foreign government owned renewable projects instead of Australian exports and jobs?
Katy Gallagher ACT, Australian Labor Party, Minister for the Public Service
2:30 pm
President, I believe that's probably a question better directed to Minister Farrell, who has ministerial responsibilities in this area.
Sue Lines President
Senator Canavan, you've heard the advice of the minister. Do you want the minister to continue answering or do you want me to redirect the question?
Matthew Canavan Queensland, Liberal National Party
The finance minister is a shareholder minister, but I'm happy for the question to be transferred, if she doesn't have the knowledge. It's $250 million!
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
On the point of order, to assist Senator Canavan, ministerial accountability is in accordance with the portfolios and the legislation that ministers have responsibility for. The fact that the minister is a shareholder minister does not mean she is accountable for that program. The responsibility is with the portfolio minister.
Matthew Canavan Queensland, Liberal National Party
Oh, wow! The government doesn't know what is going on.
Penny Wong SA, Australian Labor Party, Minister for Foreign Affairs
It's about the Westminster system. I just thought it might be of assistance to remind you that—
Sue Lines President
Thank you, Senator Wong. Senator Canavan has indicated that the question can be redirected to Minister Farrell.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
2:31 pm
I thank Senator Canavan for his question. I might just say at the outset how important the role of EFA, the export finance authority, has been during the recent crisis that we've had in terms of fuel supplies. It was quick action by the Albanese government to set up the EFA so that it could buy all of the petrol, the diesel, the airline fuel and the fertiliser that we needed to get through the most recent crisis.
One of the reasons that EFA was able to act so quickly and, I might say, so successfully—we just heard from Senator Ayres about some of the volumes of fuel now being stored in Australia—was the good relations that this government set up with our neighbours in our own region. One of those countries, of course, is India. In a couple of weeks time we've got the Indian prime minister coming to visit Australia. In fact, I think this might be the second time that he has visited this country during the time of this government.
India represents a fantastic opportunity for us in terms of trade. The role of the EFA is to find and support successful business opportunities not just for Australian companies but for companies in our region. (Time expired)
Matthew Canavan Queensland, Liberal National Party
2:33 pm
That's simply not correct, Minister. The EFA's purpose is to support Australia's export trade—it's called Export Finance Australia—and help Australian businesses take on the world. How does financing an Indian government owned corporation to help it build renewable projects in India, using no Australian products, no Australian know-how, supporting no Australian jobs, meet the purpose of Export Finance Australia?
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
2:34 pm
I thank Senator Canavan for his first supplementary question. Not only did Senator Canavan get the responsible minister incorrect; he also misunderstands the role of Export Finance Australia. In particular, he misunderstands the nature of this investment. This particular investment was through—
Matthew Canavan Queensland, Liberal National Party
Where's the Australian involvement?
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
Well, you've asked the question, Senator Canavan, and you could at least give me an opportunity to answer the question in silence. That's the minimum you could do, I think.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
That's the minimum you could do, Senator Canavan. You're xenophobic. Control your xenophobia, Senator Canavan.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
Alright, I'll withdraw it.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
Anyway, this particular investment was through Export Finance Australia's commercial account. (Time expired)
Matthew Canavan Queensland, Liberal National Party
Thank you, Madam President. I'm glad we've established the Labor Party—
Sue Lines President
Senator Canavan! I've only just called you, and you're already talking over me. Wait until you're called. Please put your question.
Matthew Canavan Queensland, Liberal National Party
2:35 pm
Thank you, Madam President. We now understand the Labor Party views it as 'xenophobic' to say that Australian taxpayer dollars should be used to support Australian jobs. Minister, Australian energy prices have skyrocketed under your government. Why is your government investing in energy supplies in India, not fixing Australia's energy crisis, which is seeing our manufacturing jobs shipped offshore day after day?
Sue Lines President
Senator Canavan, before I call the minister—to create the most harmonious Senate I can, which is sometimes challenging, I did ask the minister to withdraw that, so it's not really appropriate for you to refer to it. But I'll call the minister to answer the question.
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
2:36 pm
I thank Senator Canavan for his second supplementary question. As I was saying, this particular investment is through Export Finance Australia's commercial account, meaning that there's no cost or exposure to Australian taxpayers. Export Finance Australia is a key strategic asset. It helps Australian businesses—
Matthew Canavan Queensland, Liberal National Party
Why do we give it to them, then?
Don Farrell SA, Australian Labor Party, Minister for Trade and Tourism
Oh, dear, oh dear! Give me some respect please, Senator Canavan. You've asked the question. You don't want the answer. I'm giving you the answer. It helps Australian businesses to trade and invest overseas, and it supports infrastructure development in our region where there is a direct benefit to Australia. It only invests in projects that have a direct benefit to Australia. These projects strengthen our partnerships with emerging economies, grant Australian businesses access to new, lucrative markets and create new research and development opportunities. (Time expired)
Honourable senators interjecting—
Sue Lines President
Minister Ayres and Senator Canavan, I have a senator on her feet.