Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

I thank the member for Moreton for that very important question on policy. Everybody on this side of the House is concerned about policy—how we can make this country a better place for our children and our grandchildren. That stands in stark contrast to those opposite who are simply running a smear campaign.

The OECD report once again confirms how resilient our economy is, unlike those of most other developed economies. Our economic fundamentals are strong. We have solid growth, low unemployment and contained inflation. This country will grow faster than most other major developed economies this year and next. We are going to grow faster than the OECD as a whole.

The OECD report reaches this conclusion on resource investment in Australia:

Mining investments should continue to expand vigorously in 2013 in view of announced plans.

That was backed up today by the Bureau of Resource and Energy Economics. They have issued an update of the value of committed projects. When we are talking about committed projects, we are talking about projects which are locked in. The value of such projects has increased by $7 billion over the six months to October—something the Minister for Resources and Energy and the government are very proud of—to reach a record high of $268 billion. When you look at all the projects on the drawing board, the value is a staggering $650 billion. This project pipeline has not been immune to what has occurred with the terms of trade and what has occurred with international commodity prices. But what this information is telling us is that the prospects for our resources sector are very bright.

We know the world out there is uncertain and that our prospects are not necessarily assured. But we also know that you need a plan for the future in this Asian century. That is why the government is very closely focused on productivity, skills and education in particular. That is why the bill the Prime Minister introduced into the House this morning is so important. We know that over the next five years we have to put in place the reforms to ensure we maximise the opportunities which will flow to this country in the Asian century. What a clear contrast that is to those opposite—out there every day playing the politics of smear and sleaze and with no policies at all. We have an opposition leader going the biff, trying to knock out everything and everyone. It is all about aggression and not about outcomes. We on this side of the House are absolutely focused.

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