THE government has stepped up its assault on critics of the carbon tax by accusing many Coalition MPs of privately expanding their mining shareholdings while publicly predicting doom for the industry because of the tax.
Climate Change Minister Greg Combet claimed 34 Coalition MHRs, senators or their families about a third of the opposition parliamentary ranks had made fresh mining investments during the past two years.
Amid uproar in question time in the House of Representatives, Mr Combet named six MPs, including communications spokesman Malcolm Turnbull, as having declared fresh mining share transactions under the parliamentary register of members' interests.
"Publicly, their leader talks mining stocks down, privately, they snap up the investments," Mr Combet said. "There might be a little insider trading strategy going on, but it demonstrates hypocrisy. If there were a TV reality show, Australia's Greatest Hypocrites, they would be the winners."
Documents circulated by Mr Combet's office listed share transactions declared by Mr Turnbull as including Sundance Resources, Griffin Coal Mining and a solar and thermal power generator, EnviroMission.
Mr Turnbull said last night he was puzzled by Mr Combet's remarks. "After all, if the opposition has been buying mining shares and I don't know if it has or not it probably says more about a collective confidence in the outcome of the next election," he said.
Opposition Leader Tony Abbott yesterday claimed the coal industry would die under the $23-a-tonne carbon price, which starts on July 1, and compared government promotion of cash payments to a "Nigerian lottery scam".
But Mr Combet said that despite Mr Abbott's warnings of seriously damaging the economy, there had been a surge in mining industry investment since plans for the carbon price were announced.
"The fact of the matter is that we have seen multibillion-dollar takeovers, massive investment and new mine approvals," he said. "It is not just big companies that are investing, it is also many small investors, including many members of Parliament who have a lot of confidence in the future of the industry."
Singling out Mr Turnbull, he said: "He knows the campaign run by the Opposition Leader is complete and utter rubbish, nonsense, false, a fraud and a fabrication."
He also named Victorian MP Josh Frydenberg, New South Wales MP John Alexander, Queensland's Stuart Robert, Ken O'Dowd and Teresa Gambaro and Western Australian MP Michael Keenan as having bought mining shares.
Mr Combet said the economy would continue to grow strongly despite the tax, with 1.6 million extra jobs over the next eight years and per capita income increasing by $9000.
He accused Mr Abbott of "running around the country with his own special horror story", predicting doom and gloom.
"He has predicted the death of Gladstone, the death of the Latrobe Valley, the death of Portland, the death of the Hunter region Illawarra, Kwinana, Whyalla, and the story goes on.
"It reminds you a bit of the old Lucky Starr song from the 1960s, I've Been Everywhere."
Frequently Asked Questions about this Article…
What is the carbon tax/carbon price mentioned in the article and when does the $23-a-tonne carbon price start?
The article refers to a carbon price of $23 a tonne set to start on July 1. It’s described as the policy the government introduced to price carbon emissions.
Which MPs were named as buying mining shares and which companies were cited in the article?
Climate Change Minister Greg Combet named several Coalition MPs who declared fresh mining share transactions on the parliamentary register, including Malcolm Turnbull, Josh Frydenberg, John Alexander, Stuart Robert, Ken O’Dowd, Teresa Gambaro and Michael Keenan. Documents circulated by Combet’s office listed Malcolm Turnbull’s declared transactions as including Sundance Resources, Griffin Coal Mining and EnviroMission.
Why did the government accuse some Coalition MPs of hypocrisy over mining shares?
Minister Greg Combet accused some Coalition MPs of privately buying mining shares while publicly warning the carbon price would devastate the industry. He said the behaviour suggested hypocrisy and even joked about a possible "insider trading strategy," pointing to declarations on the parliamentary register.
What did Opposition Leader Tony Abbott say about the carbon price and the coal industry?
Tony Abbott warned the coal industry would "die" under the $23-a-tonne carbon price and criticised the government’s promotion of cash payments, comparing it to a "Nigerian lottery scam," according to the article.
How did the government say the carbon price would affect the economy, jobs and income?
The article reports that Minister Combet said the economy would keep growing strongly despite the carbon price. His office projected about 1.6 million extra jobs over the next eight years and an increase in per capita income of $9,000, and pointed to multibillion-dollar takeovers, heavy industry investment and new mine approvals as evidence of continued confidence.
Are MPs required to declare mining share transactions and where are those disclosures recorded?
Yes. The article notes that MPs who buy or sell shares declare transactions on the parliamentary register of members’ interests. Combet cited that register when naming specific declared transactions.
What does the article suggest about investor confidence in the mining sector after carbon-price announcements?
According to the article, the government says there has been a surge in mining industry investment since carbon-price plans were announced—including big takeovers and new mine approvals—and that both large companies and many small investors (including some MPs) are showing confidence in the sector’s future.
How should everyday investors interpret reports that politicians have bought mining shares?
The article presents conflicting messages: ministers say MPs’ purchases indicate confidence in the mining industry, while opponents warn of economic harm from the carbon price. Everyday investors may view such reports as one signal among many—useful for gauging sentiment—but should rely on broader data, company disclosures and independent research rather than politician actions alone. The article also highlights that these transactions are publicly recorded on the parliamentary register.
Call 1300 880 160
Start a chat
Schedule a call
