Senator WONG (South Australia—Minister for Finance and Deregulation) (14:14): It is groundhog day here in the Senate and it has been for some time. I think I have had precisely that question a number of times from different senators, possibly even the senator in question. I would have to say that at some point they might have to say something different. All they do at the moment, over and over again, is tell everybody that the world is going to end. We will know on Sunday, won't we, whether or not we are going to have parts of Australia obliterated, industries destroyed, the death to manufacturing, Whyalla disappearing off the map and all the various other things they have said. The PRESIDENT: Senator Wong, you need to come to the question. Senator WONG: On this occasion, Mr President, I do agree with you. When it comes to the EU carbon price, about which I was asked, I would make the point that despite the fact that Senator Cormann appears to have airbrushed the global financial crisis from the economic history records, he would be aware that there is a wider set of economic circumstances in Europe which is obviously reflected in a range of prices, including the carbon price. We have not seen a market price which has not been affected by these conditions and it is unsurprising that prices in terms of the carbon units in Europe are also affected. We know that the European price has moved around. We saw it above $A23 for most of 2005 to 2009 but I would say to those opposite that whatever the criticisms Senator Cormann might have of the European scheme—and we believe we have certainly made improvements on that scheme—they are nothing compared to the criticisms that economists would make of the scheme he supports. The scheme he supports is a taxpayer funded, bureaucratically driven grants program. (Time expired)