Jamie Briggs (Mayo, Liberal Party, Assistant Minister for Infrastructure and Regional Development) Share this | Hansard source

Thank you, Madam Speaker, for the opportunity to respond to the question from the member for La Trobe, who is a fantastic member. It is great to have him back in this chamber, fighting for the people of the eastern suburbs of Melbourne. He knows how important this weekend is for the people of the eastern suburbs of Melbourne, because he knows how important the $3 billion commitment that the Abbott government has made to both stages of the east-west project is. We are committed to this project because it will cut travel times for people living in Melbourne. It will increase our productivity and make Australia stronger. That is why the infrastructure Prime Minister is so focused on delivering this project with an infrastructure Premier in Denis Napthine, who deserves to be re-elected this weekend.

The first stage, the one that the member for La Trobe is particularly interested in, is a project where the contracts have been signed. The contracts have been signed by a Lend Lease led consortium that is made up of overseas companies as well. In fact, two-thirds of the construction work will be conducted by overseas companies. In addition to that, while Lend Lease have the contract, they have been at market, seeking the debt and the equity to fund the construction of this project, and that is well underway.

Mr Albanese interjecting—

No, in the last month, actually, Member for Grayndler—and you should know how important this is, because the shadow Treasurer knows how important this is. If you rip up this contract this weekend, you lift the sovereign risk of our country. You do what Swannie did with the mining tax: you put sovereign risk for Australia right back up front—don't you, Member for Lilley? That is what you will do if you rip up these contracts this weekend.

The shadow Treasurer made a very important point just a few weeks ago. He made a very important point and we agree with the point that he made. We agree with the point that the member for McMahon made:

… Labor honours contracts. Labor in Government honours contracts entered into by previous governments. Even if we don’t like them for issues of sovereign risk Labor honours contracts in office signed by previous governments.

It is just a pity that the Leader of the Opposition does not like the shadow Treasurer and will not take his advice. He wants to take the Greens' advice—he wants to take the advice of the member for Melbourne—because he needs their preferences. He used to support the project.

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