Jamie Briggs (Mayo, Liberal Party, Chairman of the Scrutiny of Government Waste Committee) Share this | Hansard source

The problem is that the planned investment is now being reconsidered. The biggest reconsideration—and, as a South Australian, I am highly fearful of this—is the investment in Olympic Dam. The Olympic Dam project is one of South Australia's great opportunities to take advantage of the unique circumstances in our region. Make no mistake about this: the Olympic Dam project is now in doubt because of the federal Labor government's policies, which are making doing business in mining in Australia too expensive. Jac Nasser, the chairman of the BHP board, said exactly this last week.

The member for Moreton may know everything about every other subject in this place, but I suspect he does not know more about the BHP business than Jac Nasser does. I think Jac Nasser knows a little more than the member for Moreton about his business and the investment that was planned for Olympic Dam but is now at grave risk. There is a grave risk to the South Australian and Australian economies because of your policies, Member for Moreton. Because of the policies your government is implementing, the reforms of today will affect the performance of the economy tomorrow, and this will hang over the federal Labor Party for a generation. The performance of this government—with the debt it has built up, the re-regulation of Australia's labour market, the mire of red tape that Australian business is now caught in and the cost of doing business in our country, at a time when we should be freeing the economy to take advantage of the growth in Asia—is a disgrace, and this motion should be amended to reflect so.

This motion should be amended to reflect the great damage that this government is doing not just to business confidence and to the reputation of this great institution, the federal parliament, but to the Australian economy in the future. I bemoan the fact that too much attention is directed to the great scandals which we see before us today, brought to you by the federal Labor Party, and not enough of the Australian people's attention is directed to the great policy shamefulness that this government has inflicted on our future generations.

Far and away one of Australia's most respected economists, Warwick McKibbin, wrote very clearly about this in the Australian Financial Review:

Right now, the Australian economy faces a perfect storm. The federal government has bet that a crisis in Europe will not happen during the 2012-13 financial year.

The financial year starts on July 1, when a carbon tax set four times above the world price begins to raise input costs, particularly energy costs. No amount of compensation changes the economic negativity of this shock.

…   …   …

Unsound political decisions have put the global economy into a dangerous position. Australia has wandered aimlessly down this same path thanks largely to a minority government. In the wash-up of events over the next several years, one hopes that some of those responsible for putting Australia unnecessarily in the eye of a perfect storm are held to account.

And, my word, they will be. When the government finally take us to an election, the Australian public will know. They will blame you for the economic chaos you have caused our country. (Time expired)

See this speech in context