If Margaret Thatcher took climate change seriously and believed that we should take action to reduce global greenhouse emissions, then taking action and supporting and accepting the science can hardly be the mark of incipient Bolshevism.

My commitment to the Republican movement was pure and simply patriotism, a love of Australia... a desire or passion that all of our national symbols should be unequivocally and unambiguously Australian.

Climate change is a global problem. The planet is warming because of the growing level of greenhouse gas emissions from human activity. If this trend continues, truly catastrophic consequences are likely to ensue from rising sea levels, to reduced water availability, to more heat waves and fires.

If you try to come to Australia by boat, even if we think you are the best person in the world, even if you are a Nobel Prize winning genius, we will not let you in.

While our energy efficiency is improving, there is a very high correlation, almost near perfect correlation, between GDP growth, and energy usage.

But who knows, some years from now if there's a global emissions trading scheme agreement, as many have hoped for, then I'm sure Australia would be part of it.

On balance, after weighing the arguments, I believe that the time has come for Australia to create a new sovereign wealth fund.