Malcolm Turnbull (Wentworth, Liberal Party, Prime Minister) Share this | Hansard source

There is one thing that the opposition do not have an excess of and that is due diligence and care. The recklessness with which they prepared their tax policy underlines that. Let me lay out coolly and clearly the challenge that faces Australia. We have seen the biggest mining boom in our history. Our economy has been driven by a massive level of mining construction investment. That is tailing off. How do we transition to a new economy? How do we succeed in the 21st century? How do we do that and ensure that our children and grandchildren have good, high-paying jobs? We do that by ensuring that we have open markets. We do that by ensuring that we have access to the fastest growing markets in the world, and we have done that with free trade agreements with Japan, Korea and China and the TPP, thanks to the outstanding leadership of the former trade minister Mr Robb. We have done that, but clearly we have to be more competitive, more productive, more innovative.

So how do we ensure that Australian businesses and investors support innovative companies? You provide incentives, and that is what we have done in the Innovation and Science Agenda. We provided real incentives for universities to work with business.

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