Senator the Hon Mathias Cormann

Today, Labor has again joined ranks with the Greens, in defiance of the judgement made by the Australian people at the last election, to vote down the abolition of the Clean Energy Finance Corporation.

The Government took the abolition of the Carbon Tax and the CEFC to the 2013 Federal Election.

This mandate has now been ignored by Labor and the Greens twice.

The Government does not believe it is appropriate to keep borrowing money to underwrite a $10 billion taxpayer funded bank that cherry picks investments in direct competition with the private sector.

Australia does not have a good history with government owned banks.

The Government will reintroduce a Bill to abolish the CEFC next week.