QUESTION: Have you got any comment on Ross Garnaut’s recommendation that industry only gets about 35 per cent assistance for a carbon price?
FERGUSON: Professor Garnaut’s report is about further informing Government. He does not represent the views of Government. It is a contribution to the debate. It is the responsibility of Government to not only sift through his views but everyone else who is seeking to contribute to this process and to get the balance right.
QUESTION: Minister you mentioned the GDP figures in your speech then, are you very worried that we are going to see a big contraction today?
FERGUSON: Look obviously we’ll get those figures shortly. If you look at the impact of floods and cyclones for example in Queensland, the loss of export opportunity out of the coal industry, then you have got to expect an impact. That’s the nature of the times in which we live but can I say we are a robust economy. We are bouncing back. Not only in the resources sector but also in tourism. Have a look at some recent figures. Year on year for the last 12 months despite the strength of the dollar we are actually a little bit ahead. We will recover the lost opportunities in terms of the export of coal as a matter of course and we will bounce back to an even stronger position as a nation.
QUESTION: Minister what sort of concerns has the Minerals Council expressed and mining companies expressed to you regarding the implementation of a carbon tax?
FERGUSON: Look their views are on the public record reinforced here today. They want to make sure we have proper regard for the importance of the various sectors that they represent. Clearly they have put submissions to Government as have a variety of other sectors and we will work them through and announce our final position in due course.
QUESTION: They were fairly robust comments in there against the scheme. Do you think that it could damage Australia’s sovereign risk reputation?
FERGUSON: Minerals Council week is always a robust week.
QUESTION: They talk about consultation though?
FERGUSON: I think we are in the process of consulting industry, not just the minerals industry but the petroleum industry and a variety of other industries. A number of Ministers including myself [are] involved. The MPCCC continues its work and our responsibility as a Cabinet in the end is to take on board all those different views and to make sure that we make the necessary breakthrough in terms of reducing CO2 emissions but in doing so maintain jobs and prosperity in Australia and that includes ongoing support for a very strong minerals and petroleum sector.
QUESTION: What about Ross Garnaut’s view that businesses these days are less open to economic reform and are just pushing their own self interest? Do you think he has got a point there?
FERGUSON: Ross Garnaut is entitled to his own view. As I’ve said he doesn’t represent the view of Government. Thank you.