PM: I'm here today with Premier O'Farrell to announce what is a great win for Sydney. I'm here today to announce that Sydney will be home to the Clean Energy Finance Corporation.
The Clean Energy Finance Corporation will oversee a $10 billion fund and that fund will be used to unlock our Clean Energy Future. Our Treasury tells us that we will see $100 billion of new investment into renewable energy between now and 2050.
So the Clean Energy Finance Corporation is going to be a part of making sure that we realise a Clean Energy Future, that we use our abundant sunshine, our tidal power, our wind power and our other sources of clean energy.
This is a good win for Sydney and Sydney was the right place for the Clean Energy Finance Corporation for three reasons. First, this is a city that can offer the benefit of financial and professional networks to the Clean Energy Finance Corporation. Second, this is a city in which many investment businesses make their home and so the Clean Energy Finance Corporation can reach out to them. And this is a city too that is home to tertiary institutions, universities, higher education that can offer the benefits of their expertise to the Clean Energy Finance Corporation.
So I am delighted to be here today to make this announcement. Having the Clean Energy Finance Corporation here in Sydney means Sydney will be central to driving Australia's Clean Energy Future.
Before handing over to the Premier I just want to deal with two other matters.
I will be going from Sydney to Wagga to talk to local community members and SES workers on how that community is going as it faces the floods. We know that water levels are starting to slowly decrease in Wagga and many people will be commencing to return home. But we also know that getting back home is the first step on a long, hard journey of recovery. It's the first step of the long slog.
We are providing assistance alongside the state government to communities including Wagga and I want to meet with people first hand to see how the community is faring and what the journey of recovery is going to involve.
The flood waters are going to keep on the move so now we've got anxiety for other communities like Griffith and then communities in Victoria too. As a Federal Government we'll keep working with our state counterparts and local communities to support them during this difficult time. As a nation we've shown that we don't leave people behind, that we continue to show our generosity and support to our fellow Australians when they're in times of need.
And then finally I just want to say a few words about the desecration of Australian war graves in Libya. I said yesterday I was disgusted by this desecration of Australian war graves. We know how preliminary estimates, and I stress preliminary estimates, about how many graves have been affected. Distressingly, our preliminary advice is 50 out of 55 graves have been damaged by these actions so that's a very large number, 50 out of 55 graves.
Our Department of Veterans' Affairs will be in contact with the families of those whose loved ones lie in those graves and our War Graves Commission will be restoring those graves and as I said yesterday we will continue to ensure through our pressure on the interim government in Libya that there is a full investigation of this matter and that wrongdoers are brought to justice.
I'll turn now to Premier O'Farrell for some comments.
PREMIER O'FARRELL: Thank you Prime Minister.
Can I congratulate and thank the Prime Minister for choosing Sydney, Australia's financial and commercial capital, as the home of the Clean Energy Finance Corporation. This is good news for this city, this is good news because this city has the skills, we can make this Finance Corporation work not just in this city but for the whole of Australia.
Can I say that I'm delighted with the jobs it will also bring to Sydney at a time when other financial services areas are stretched. This is good news whichever way you look at it, I thank the Prime Minister. I think it's also an example of how state and federal governments of different political complexions can work together to deliver real results for their communities.
PM: Thank you. So if we can take questions on the Clean Energy Finance Corporation and on federal politics first and then I will leave the Premier to deal with a number of issues related to New South Wales and Sydney.
JOURNALIST: How many jobs will required (inaudible)?
PM: There will be 40 jobs in the Clean Energy Finance Corporation but it is pivotal to unlocking all of the jobs that are going to flow from a Clean Energy Future. That's the jobs that there are going to be in creating new renewable sources of energy but it's also the jobs that are going to be in manufacturing. We know that the global clean energy market is already $5-6 billion in size and it's only going to grow over the future.
So the Clean Energy Finance Corporation will be playing a role in unlocking investment in renewable and clean energy. It will be playing a role in knocking away barriers that stop that investment but it will also be playing a role in making sure our manufacturing sector gets the opportunities that will come from global demand for clean energy goods, for cleaner ways doing thing, cleaner ways of manufacturing.
JOURNALIST: So where's the funding coming from?
PM: The funding is part of our Clean Energy Future package announced last year so the $10 billion provision was made in our Clean Energy Future package and provision was also made for the costs of the Corporation.
JOURNALIST: (Inaudible)
PM: This is part of the carbon pricing package, yes, absolutely and the reason we are putting a price on carbon is to drive a clean energy future. We want to see the investment that means we will be using energy that comes from the sun, energy that comes from cleaner sources. Now the foundation stone is carbon pricing. You're not going to get the change unless you put a price on carbon, but with that foundation stone there is a role for a Finance Corporation that is catalysing change and catalysing investment and that's what the Clean Energy Finance Corporation is going to do.
JOURNALIST: (Inaudible)
PM: The Clean Energy Finance Corporation is the subject of its own legislation. It was announced as part of our carbon pricing package. Legislation will be dealt with in the winter sittings of Parliament. We already have Jillian Broadbent who is a well known Australian businesswoman and a long term member of the Reserve Bank Board heading up the expert group that is going to lead to the establishment of the Corporation. So activity is underway now.
JOURNALIST: (Inaudible)
PM: Jeff Lawrence's future is a matter for Mr Lawrence and any announcements about that are a matter for him, but what I would say about Jeff Lawrence is he is and has been over a long period of time a very strong advocate for the rights of working people. He played a great role in the campaign against WorkChoices and he's played a great role at the ACTU and is continuing to do that in making sure that working people get a fair go.
The spectre of WorkChoices isn't dead, I understand that Joe Hockey today will be speaking once again about workplace relations reform and that is of course code for the Liberals bringing back WorkChoices.
JOURNALIST: (Inaudible)
PM: Well clearly he feels okay or he wouldn't be here.
PREMIER O'FARRELL: Well as a parliamentarian I respect parliament. The legislation has been passed, this is a decision by the federal government to allocate funds to this Corporation and I'm delighted that the Corporation and its jobs are coming to New South Wales.
JOURNALIST: The Federal Opposition's promised to abolish the Corporation should it win government at the next election though Premier - doesn't that put you at odds with your own party?
PREMIER O'FARRELL: Well no, what it has is a New South Wales Premier doing what a
New South Wales Premier should do which is applauding the attraction of jobs to this city and this state.
JOURNALIST: Do you support the Federal Opposition's position?
PREMIER O'FARRELL: Well I get one vote, I imagine there'll be lots more millions of votes come the next Federal election which I think is in 2013 or 2014. The Prime Minister might know about the timing better than me.
JOURNALIST: (Inaudible)
PM: We've already worked with the state government on triggering some of our natural disaster relief arrangements and this is always a cooperative venture when we need to address natural disasters. I mean there's no politics to be played here, it's just sleeves rolled up, working together to help communities through.
We've got longstanding relief arrangements and we've already triggered under those arrangements, on the advice of the state government, support for individuals and businesses and primary producers. Further support can be triggered, we'd take the state government advice about that. But one reason for going to Wagga myself is to talk to local community members about their needs.
JOURNALIST: What's the size of today's investment in New South Wales, Prime Minister, you've mentioned the number of jobs, what's the size of the investment by relocating the Corporation?
PM: The main thing I think about having the Corporation here is, yes it's 40 jobs, but it's what it will mean as it drives change in renewable energy and clean energy. This is going to be home to the body that is making decisions for a $10 billion fund and is catalysing the kind of new investment we need to see in the energy sources of the future. So it's good news for Sydney and I'm pleased to be able to be here today to announce it.
JOURNALIST: Prime Minister, you and the Premier are locked in a stalemate over billions of dollars worth of funding for the Epping to Parramatta rail line while Sydneysiders wait for some decent transport infrastructure, surely the two of you standing here can unlock this money?
PM: Well we'll continue doing what we do as federal and state governments which is working through, even working through the most difficult problems. I understand you may have some questions for Premier O'Farrell today on transport issues of another nature.
JOURNALIST: (Inaudible)
PM: I'm here today to talk about the Clean Energy Finance Corporation, I haven't got anything new to say to you about Epping to Parramatta.
JOURNALIST: (Inaudible)
PM: These are decisions for the ACTU. As a Labor Government we respect the role that trade unions play and the ACTU plays itself on behalf of working Australians and working people.
Thank you very much, I'll leave you with the Premier.