GILBERT: Finance Minister, thank you very much for your time this morning. You heard some of the questions there in the forum with the Prime Minister and saw some of the images yesterday. The Prime Minister confronted in the shopping hall in Brisbane, suburban Brisbane. Are you surprised by the anger and the level of aggro in this debate?
WONG: Good morning Kieran. I understand that theres a lot of concern out there and that people do want more detail, and thats why the Prime Minister is doing what shes doing, which is going around the country speaking to Australians about this issue.
It is regrettable that were having a debate in such a volatile climate. Were having a debate where Tony Abbott is opposing very, very strongly, making a whole range of false claims, but thats what we have to deal with. And I think the Prime Minister is doing what she should do.
GILBERT: On some of the detail, Treasury modelling has found that failure to develop carbon capture and storage technology would see the release of 25 million more tonnes of CO2 into the atmosphere by 2050, costing about half a percent of GDP. Should the Government have allowed that technology to be included in the green energy fund, and not have listened to the Greens in excluding that CCS technology?
WONG: Remember were still funding investment into CCS through budget programs, as opposed to the Clean Energy Finance Corporation. Im on record as supporting CCS. My view is consistent with Treasurys. Coal is going to continue to be a part of the worlds energy mix. Its in all of our interest to find a lower-emissions technology for coal. But that doesnt mean you dont invest in renewables, and thats why the Governments got a very strong clean energy package.
GILBERT: The journal Nature has raised doubts about the effectiveness of carbon farming in its most recent publication. It suggests the capacity of land ecosystems to slow climate warming has been overestimated. How much of a worry is that for the Government given that forms a big part of the package, $1 billion or thereabouts?
WONG: Kieran, I think the worry is for Tony Abbott. Weve got a package which does a range of things. Puts a price on carbon, moves to an emissions trading scheme which puts a cap on pollution. Were investing in renewable technologies and were also investing in the land sector. And were very aware theres some very good promise there. Theres some things which are every beneficial to landholders, but weve still got some work to do.
That question you just put, should be put to Tony Abbott who seems to believe that he can pretend to be able to achieve the 5 per cent reduction by 2020, that is a bipartisan objective.
GILBERT: The legislation is due later in the year. How important is it for the Government to have it through the Parliament by Christmas? Thats the report today that the Government wants to expedite that, ensure its done by the end of the year.
WONG: We want to get it done because its the right thing for the country and the economy. When youre trying to make an economic transition and thats what this is moving to a clean energy future. Trying to reduce pollution, and give the signal to business about reducing pollution and investing in clean energy, you want to get that certainty out there as soon as you are able.
GILBERT: You could also let the debate die down and cool off a bit, I suppose for you politically.
WONG: I dont think were running away from the debate Kieran. Your first and second question was very much about this is a debate, which were right in the middle of, and the Prime Minister is right in the middle of. Because it is a very important reform. But the point Im making is if youve got an economic transition, you do want to give business that certainty so you can make, the adjustment, as soon as possible.
GILBERT: Joe Hockey, Christopher Pyne and others have criticised you for not knowing the finer details of the scheme when you made a slip on how much would be generated over the forward estimates. What do you say to that criticism?
WONG: The figure I should have given was $17 billion which is the cash figure, but you know Kieran, these things happen and Im sure theyll happen again at some point in the future.
GILBERT: Finance Minister, appreciate your time this morning, thanks.
WONG: Good to speak with you Kieran.
ENDS