Tim Wilson (Goldstein, Liberal Party) Share this | Hansard source

I rise to support this bill, the Export Finance and Insurance Corporation Amendment (Support for Commonwealth Entities) Bill 2016, and to support its objectives. As we have heard already from some of the other speakers, the Australian economy has been in transition. It is not a recent thing; it has been going on for a long period of time. Efic has played a very important part of helping Australian businesses grow their opportunities for creating jobs for every Australian and for improving and increasing the wealth of this country. For that, I think we have to be very thankful for the enduring contribution that every Australian business makes in employing people and employing the people in business who can grow the economy.

I want to start by saying that I do find the comments that were made by the previous speaker, the member for Shortland, quite offensive. The idea, he kept insisting, that he represented real Australians—and he made the allegation against the people of Goldstein that they are not—is just objectionable. Not only is it a patronising attitude towards other Australians, regardless of their circumstances, but the idea that people who are industrious, take responsibility for themselves, work hard and contribute to build the wealth of this country are not real Australians is outrageous. But that is, tragically, why the people of Goldstein, since Federation, have never voted for a representative from the Australian Labor Party, because there is no fundamental appreciation for the effort, work and responsibility that the people of Goldstein bring. They are the people who are industrious.

One of the things about our Goldstein community is that it actually has very little industry, but that does not mean that we are not deeply industrious people. We are entrepreneurial and take advantage of important measures, like Efic, that are there to support industry—traditionally manufacturing—to grow its export markets into the global economy but also, increasingly, in the services sector, which has been an important part of small business and entrepreneurs. That is why we support this piece of legislation: to broaden the opportunity that Efic can provide, to reflect the changing nature of the Australian economy and particularly to work with smaller businesses to make them medium businesses and larger businesses to travel them through their journey of growth so that they can continue to access finance to support their exports into the global economy.

Efic has always had a very important role as part of that discussion in building the future of this country since it has operated. The legislation has some minor amendments in comparison to the earlier versions, particularly around ensuring a shift away from just manufacturing towards eligible export transactions, particularly because then it will focus on services. It also has in it entrenching legislation of what is already Efic policy to include protection against job outsourcing, when Efic finances offshore investments by Australian firms. There will also be a requirement for Efic to charge fees when providing services to the northern Australia infrastructure fund or other government entities.

All of these things are very important. All of them make an enormous contribution to continuing to grow the Australian economy and to create opportunities. But one of the things I think is disturbing about what is being put forward by the opposition—and the previous speaker spoke about how they are seeking to move amendments in the Senate—is that it is simply for the purpose of virtue signalling. There is no substance. The scare campaign they are running around this piece of legislation is nothing short of absurd, but this is what happens when you have a political party that is irrelevant. They are still fighting like they won the last election, even though that is not the case. And what they seek to do, continuously, is find opportunities to drive wedges between the government, which is seeking to deliver for the Australian people, and all Australian people. What we see today is the driving of wedges by the Australian Labor Party, because they think it will achieve some sort of advantage.

I will say about the previous speaker that I very strongly welcome the reflection and focus on jobs, because their general objective since or during the election campaign has been to mock. The modern Labor Party mocks the objective of creating jobs and growth for the Australian economy. We are the only political party that seeks to represent all Australians and create opportunities for all Australians. We want to make sure that we do not engage in the class snobbery that we had from the previous speaker, who mocked people in communities who try to make this country a better place.

One of the things I also want to follow on from is the earlier comments by the member for Hughes. The member for Hughes showed how much he understands about what is necessary to create the opportunity so that people are able to be in a position to access Efic finance, to create the jobs and opportunities for Australians into the future. This measure is important, but it must sit as part of a suite of measures that reforms and contributes to the growing of the Australian economy.

We know full well that tax reform is a very important part of building this nation's future, where you have international competitiveness with not just capital but also labour. If people in a business and Australians want to compete on the global stage, Australians and their government need to back them. It cannot penalise them by making it even more difficult in a competitive global environment for them to secure employment, reward their labour and effort, and attract the investment needed to grow businesses in this nation. That is the point the member for Hughes was touching on.

We have a globally competitive tax environment for capital. It is only going to become more competitive over time. This is something that has been completed missed by the members opposite and many senators, and the cost of ignoring that important proposition is that it will harm the opportunity for job growth in this country. It will harm the very people they claim they represent and are standing up for.

If you want to create greater economic opportunities for all Australians, it has to be built on the fundamental structure of understanding that working people will put their endeavours where they can secure the best gains and invest their capital where they can secure the best gains. The opportunities for Australia to export goods and services to the world will come when we back them by minimising the regulation burdens and the tax burdens to build this country's future.

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