Rick Wilson (O'Connor, Liberal Party) Share this | Hansard source

Mr Deputy Speaker Porter, as a former Treasurer of the great state of Western Australia, you would well understand the importance of the resource sector. Minister, you would know that the mining sector contributes about 10 per cent of our GDP, directly employs 270,000 Australians and supports work and income for another 800,000. The Bureau of Resources and Energy Economics released their resources and energy major projects report last month that showed that in the last 12 months a record $57 billion worth of resource projects had been finalised in Australia, with a significant increase in production. I understand this includes 215 million tonnes of iron ore, 43 million tonnes of coal and more than 1,100 petajoules of gas.

Over recent years it is clear that Australians have benefited from the jobs and growth flowing from the high levels of investment in the resource sector, but the Bureau of Resources and Energy Economics also reports that Australia's resource sector is moving into a new phase of sustained output and production following the peak of the current resources investment cycle. The resources sector will continue to drive our economy through this new phase, but it is essential that we do not become complacent. These production phase figures highlight the importance of setting the right policy framework to encourage future investment in the resources sector. There is a need for ongoing progress in removing barriers to investment in the resources sector to encourage investment and confidence, to get rid of the reams of red tape and remove tax slugs that compromise productivity and competitiveness. This output phase will last for decades, delivering sustained and substantial economic benefits for Australian workers and local communities as well as boosting national revenue. Minister, what is the government doing to ensure a long and sustainable future for the resources industry?

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