Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Hansard source

I thank the honourable member for Swan for that question. The member of the Swan knows, as a West Australian, that there have been significant challenges in the Western Australian and the Australian economy over the last two years as we have transitioned from a mining construction phase economy into a mining production phase. Importantly we have seen commodity prices for iron ore, for example, fall from $120 a tonne to $50 a tonne. That has had a big impact on Western Australia. It has had a big impact on Australia.

As a result of the transition of the Australian economy, we lost 43,000 jobs in the mining industry. But the good news is that during that enormous transition, particularly with its impact on Western Australia, 32,000 more jobs have been created in Western Australia since we came to government. Despite the fall in commodities prices, despite the tapering off of mining construction, there are 32,000 more West Australians in jobs since we came to government.

You have got to open up the opportunities as well. I can report to the House that today the Asian Infrastructure Investment Bank enabling legislation passed through the Senate and that means that we are going to get more opportunities in the Asian region and that is terrific.

Ms Plibersek interjecting—

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