TRANSCRIPT - Sky News NewsDay with Kieran Gilbert

PAUL FLETCHER MP

Shadow Minister for Science and the Arts

Shadow Minister for Government Services and the Digital Economy

Manager of Opposition Business in the House

TRANSCRIPT

SKY NEWS NEWSDAY

20 November 2024

Kieran Gilbert: Welcome back to the program. Live in the studio is the Manager of Opposition Business, Paul Fletcher. A pretty significant speech both from the Treasurer and the Shadow Treasurer, given the economy will be the battleground, won’t it, ahead of the next election?

Paul Fletcher: Look, it will be an absolutely core issue because Australians are really feeling the impact of Labor’s poor economic management. You know, if you look at real per capita disposable income, that is down nearly 8 per cent. People are feeling poorer, they are poorer. The statistics are very clear. We know inflation is sticky. Like if you look at Jim Chalmers’ statement today, he kept talking about headline inflation. We know that the reason headline inflation has come down a bit is because of the accounting trick of having on Budget subsidies to reduce the immediate impact to people of very high electricity prices. But that hasn’t changed core inflation, trimmed mean inflation, which is what the RBA looks at. That is sitting at 3.5 per cent.

Kiern Gilbert: The Treasurer did point out that there’s been a shift in consumer sentiment, according to the ANZ Consumer Index and others. Is that what you’re picking up, that things have slowly started to turn the corner? And that’s the message from the government. The future is bright basically.

Paul Fletcher: Let’s look at the statistics from the government’s own agencies. They are saying that core inflation is at 3.5 per cent. We know from the RBA that it’s core inflation that they track. And if you look at what economists are saying about Jim Chalmers’ accounting trick of paying out on Budget subsidies to try and reduce the inflation rate, it doesn’t delude the RBA and indeed economists make the point that these subsidies in themselves are inflationary. They are an upward pressure on inflation.

Kieran Gilbert: One of the things that’s been driving inflation has been energy, not so much with the rebates, the government’s had rebates. But Chris Uhlmann’s documentary, The Real Cost of Net Zero, spoke about the clunky transition, the difficulties with it for stability, but also for price. There are many in your party or in the Coalition, I should say certainly in the Nats, who think you should make a point of difference and shelve net zero.

Paul Fletcher: Look, we’re absolutely committed to net zero by 2050. The point about nuclear is it is part of our plan to achieve net zero and deliver an affordable, reliable energy system. That’s why nuclear is a key part of what the US is doing, what Britian is doing, what Canada is doing, what France is doing, what Sweden is doing to achieve affordable, reliable electricity and achieve net zero.

Kieran Gilbert: So the Coalition remains firmly committed not only to net zero, to nuclear, but to the Paris framework?

Paul Fletcher: We are absolutely committed to net zero. But the point we make is that our energy system today is coal plus natural gas plus renewables. And we see a world where it is nuclear plus natural gas plus renewables. And the evidence is clear when you look around the world, very extensive use of nuclear. We’ve seen it at COP both last year and this year, countries committing to increasing the use of nuclear because it is emissions free. Now Australia seems to be under the Albanese Labor Government, you know wilfully turning a blind eye to what is a clear international trend to make greater use of civil nuclear energy.

Kieran Gilbert: Can we do it though, without the workforce, the huge complexities involved?

Paul Fletcher: Of course we can. It won’t be achieved overnight. This is something that needs to be done over a period of time. But absolutely, if you look at the United Arab Emirates, for example, they went from no nuclear to having four operating nuclear facilities within a period of, I think it was about 12 years. So yes, we have the expertise. And let’s be clear, we’re already going through that transition because of the bipartisan commitment to nuclear powered submarines. We’re already building a group of professionally qualified nuclear engineers and will certainly be drawing on that for civil nuclear energy as well.

Kieran Gilbert: Paul Fletcher, thanks. Appreciate it.