Mr HOCKEY (North Sydney—The Treasurer) (14:16): It is a very good question. In fact, a couple of weeks ago the Minister for Trade and I met with the most senior economic minister in China, and in his opening statement he said how important it was for Australia to abolish the carbon tax and the mining tax. The most senior economic minister in China, who is responsible for dealing with carbon emissions in China, praised Australia's abolition of the carbon tax. And I say to you: that reflects the importance to the economy of the abolition of the carbon tax, because while it remains in place it costs Australia $11 million every day. Repealing the carbon tax will not only save business $85 million a year but it will also boost competitiveness for 76,000 entities that will no longer have to comply with a carbon tax. The bottom line is we will strengthen the Australian economy by abolishing the carbon tax, and that means more jobs and better economic security. It makes us a more competitive nation. It was identified by the Prime Minister of Canada, when he and this Prime Minister jointly stated how important it was to get rid of carbon tax. Opposition members interjecting— Mr HOCKEY: Stephen Harper in case you do not know. I say to the Leader of the Opposition: he must recognise that next Wednesday is a historic day. This coming Wednesday is a historic day not because it is the anniversary of the launch of Apollo 11—or the birth of the parking meter for those who are interested in trivia; next Wednesday is the first anniversary of the Townsville termination. That was the famous press conference where the then Prime Minister, Kevin Rudd, and the member for McMahon stood there and said, 'Today is the day the Labor Party is terminating the carbon tax.' The Townsville termination. We cannot forget that moment. The member for McMahon was there: he was like Robin standing next to Batman, wearing the face mask, claiming, 'I'll be right there with you, Batman.' In fact, the only termination the Leader of the Opposition is familiar with is the termination of Julia Gillard, the termination of Kevin Rudd the first time, and he put Kevin Rudd back into the prime ministership to terminate the carbon tax. Yet, today is going to be the third day that the Labor Party has indeed voted against the termination of the carbon tax. So they said before the election that they would terminate the carbon tax, and on every occasion since the election they have voted to keep the carbon tax. There is one lesson we can get out of this, one thing you can be absolutely sure of— Ms Butler interjecting— The SPEAKER: The member for Griffith! Mr HOCKEY: no matter what Labor does at this very moment, at the next election, should they win, they will want to reintroduce the carbon tax, they will want to punish the Australian economy.