Ian Macfarlane (Groom, Liberal Party, Shadow Minister for Trade) Share this | Hansard source

Thank you, Minister. It is worth noting, as I talk about the importance of this bill and the investments that it creates, that that fifth train project cost $2.6 billion. It makes the total investment in the North West Shelf worth $25 billion. It is the first LNG train of what we call a modular construction, and it also entailed a jetty extension and the securing of a second LNG loading berth. Two additional power generation units and a whole range of other equipment were put in place, including equipment that, on top of the efficiency gains that come from these latest gas compressors, will also see even less of an environmental footprint, particularly through acid gas removal units. During its construction, 83,000 cubic metres of earth were moved and 17,600 cubic metres of structural concrete and 32,200 cubic meters of paving were set. These projects are enormous. These and other resource projects right around Australia are projects that will underpin the future economic wealth of Australia.

This legislation does not involve a policy change and will see further expansion in the LNG industry. It is disturbing to me, as a previous resources minister and as someone who takes a very close interest in trade through their portfolio, to see the Browse project run by INPEX now being forced to consider going to Darwin because of the incompetence and ineptitude of the Carpenter government in Western Australia. That is a much more expensive prospect and an opportunity cost to Australia. I think this highlights the inability of the Carpenter government to provide any real recognition of the billions of dollars that foreign companies invest in Australia.

It would be nice if the only people who use this legislation were Australians, but that is not the reality. The reality is that foreign companies are investing in Australia, sharing their wealth with Australians and providing jobs for Australians. This legislation gives the industry some more certainty on that, but whilst we have a Carpenter government in Western Australia we will continue to have the sorts of conflicts that force the oil and gas industry to look to the Northern Territory for their LNG plants and, in doing so, rob Western Australians of jobs and income.

It is proposed that the amendments in schedule 1 of this bill be retrospective from 1 July 2008 to provide the following benefits for the industry: to remove uncertainty about title boundaries for petroleum titles, to ensure alignment between existing and future titles and to facilitate the award of new exploration permits and the release of new exploration acreage. There are no adverse effects for the industry due to this retrospectivity and the bill does not impose any new regulatory burden on the petroleum industry. I commend this bill to the House. I hope this small act of certainty will provide some reassurance to an industry whose confidence has been shattered by the Rudd Labor government.

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