Senator WONG (South Australia—Minister for Finance and Deregulation) (14:02): I am pleased to take yet another question on modelling on a bill that has already passed the chamber. I would refer the senator to— Opposition senators interjecting— Senator WONG: When they have finished, Mr President, I am very happy to answer the question. Senator Ian Macdonald: You're so precious, Penny! Senator WONG: Yes. My mother always told me that—very precious. I refer the senator to page 32, table 3.1, which sets out the assumptions in the international global action scenario. It refers to the fact that the assumption is: … from 2013 to 2015 uncoordinated global action, no trade in permits, differentiated carbon prices. From 2016 onwards, countries trade, either bilaterally or through a central market. That is a very different thing to the assertion that the opposition is making that the modelling assumes an explicit carbon price through an emissions trading scheme in place in the United States. I also refer to the Prime Minister's answer yesterday which made it very clear—and I think my answer reflected this—that there are— Opposition senators interjecting— The PRESIDENT: Order! Senator Wong, continue. Senator WONG: The Treasury modelling makes two key assumptions about international action. The first is that countries meet their low-end pollution reduction targets for 2020. That is, in the context of Australia, the same bipartisan commitment to which the opposition has already committed. The second is that countries have access to international abatement. Treasury officials have indicated to Senator Cormann and others that the assumption is low-end pledges— (Time expired)