PRESENTER:
Joe, I assume you have a lot of respect for our leading economists. Are you saying they have got it wrong?
TREASURER:
Yes.
PRESENTER:
So Joe how did they get it so wrong?
TREASURER:
Because you have got to look the entire picture and look at the challenge that we have in addressing climate change right around the world. There is no other country in the world that has an economy wide carbon tax. Most of the countries around the world are moving in favour of Direct Action. Economists deal in theory and not in practicals and they are not the ones who have to pay the electricity bills that Australians have to pay.
PRESENTER:
Joe, isn't it erroneous to say that most countries are moving in the direction of Direct Action when most are going towards market based mechanisms which is what most economists suggest is the right way to go?
TREASURER:
No.. You are wrong. Actually, most of them are moving in the direction of Direct Action. Most of them are not proceeding with Emissions Trading Schemes or market based mechanisms.
PRESENTER:
Treasurer you have just spent ten days or so in the United States talking to leading economists, bankers and leading politicians in the US. Did you come back spooked by what they told you?
TREASURER:
There are a number of global challenges. So far I have attended in just 40 days in office: the APEC Finance Ministers Meeting, the G20, the IMF, the World Bank, the East-Asia Summit.. Not at one meeting did they raise climate change because everyone is wondering how we can get the engine of growth going in the global economy. That is a challenge here in Australia as well.
PRESENTER:
One of the first things you did when you got back was you raised the debt ceiling. You were very critical of Wayne Swan and Labor when they did that. The commentary around this has been is that you have done it, and done it big, so you don't have to go back and dip in again. Is that what you've done?
TREASURER:
We do not want to go back there. It is not about the debt ceiling it is about the level of debt. What we are inheriting is a level of debt that is going to peak at over $400 billion. Labor did not move on this because they said it would be a problem for whoever was coming into government. We have come into government and we are going to deal with the problem and ensure that we never have to go down this path again.
PRESENTER:
Now, Joe, you do look like you have worked hard. You look like you already need a holiday to be honest. I want you to have fun.
TREASURER:
Do I look that bad?
PRESENTER:
You look a little grumpy.
PRESENTER:
You look like you need a lie down.
TREASURER:
Oh come on! I want to move away from climate change. You can ask anything about the economy. You can ask me anything about the budget.
PRESENTER:
Can I say to you, your boss Tony still is having fun. He's coming up with some cool nicknames for the Opposition leader. His top two here that he trotted out on the weekend in Tassie. Just listen to these mate.
PRIME MINISTER:
The only person in this country right now who is in favour of higher power prices is good old Electricity Bill Shorten. Good old Electricity Bill. For the fact that this bill is up to $200 more than it should be. They call it Bill Shock. Bill Shock Shorten.
PRESENTER:
So mate are we going to go with Electricity Bill or Shock Shorten? What is your favourite?
TREASURER:
Old Bill Shock Shorten. I like that.
PRESENTER:
Going ahead, I'm sure the one thing we all hope is that yours are a safe pair of hands. Cheers mate.
TREASURER:
They are - looking good.