Josh Frydenberg (Kooyong, Liberal Party, Minister for Resources, Energy and Northern Australia) Share this | Hansard source

The International Energy Agency has said that energy demand globally will increase by a third between now and 2040.

The Australian resources sector is also strong, because it is highly innovative and efficient. Three-quarters of the iron ore production in Australia is in the bottom half of the global cost curve, and companies like BHP, Rio and Fortescue, with assets in the Pilbara, in the electorate Durack, are remotely operating trucks and trains and drilling equipment from their operations centre 1,500 kilometres away in Perth.

Sixty per cent of the world's mining software is written here in Australia. So, when the Prime Minister talks about a culture of innovation, he is not just talking about a local start-up. He is also talking about established sectors like the resources sector, and the Australian resources sector in particular, which is highly efficient, has economies of scale, and, with the lower Australian dollar, is continuing to do well.

The electorate of Durack is absolutely critical to the success of the Australian resources sector. The people of Durack have been the beneficiaries, and they are very well-served by a hard-working local member.

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