Ian Macfarlane (Groom, Liberal Party, Minister for Industry, Tourism and Resources) Share this | Hansard source

Martin, we know what you said. It is in the report and I am going to quote it in a minute. Australia’s uranium exports have reached a record $573 million in 2005. Of course, Australia has bucketloads of uranium—some 40 per cent of the world’s known uranium reserves and the potential to take an even larger share of this export pie.

Despite all this potential, Australia’s future as a uranium exporter is by no means assured. A recent ABARE report identified 13 uranium projects in Western Australia, Queensland and South Australia that are stalled by state Labor laws and regulations, which are supported, of course, by the federal Labor Party. Without changes to these Labor policies, ABARE estimates that Australia’s share of the booming global market for uranium will fall to just 19 per cent by the year 2015. Clearly, reform is needed. As usual, when the Labor Party faces a policy challenge, it is divided. In one corner we have the member for Grayndler, who continues to cling to an outdated no new mines policy.

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