Melissa Price (Durack, Liberal Party) Share this | Hansard source

I rise today to speak against the Albanese government's Future Made in Australia Bill and the Future Made in Australia (Omnibus Amendments No 1) Bill 2024. You have to give it to those opposite and their strategists—they really do come up with some very meaningful sounding titles for their legislation. Think of it, in just the last few months we've had the 'cost-of-living tax cuts', the 'nature positive' bills, the 'help to buy' housing package. And here we have another clever slogan with Future Made in Australia. How could anyone possibly be opposed to such proposed laws that sound so wonderful and so positive, like they're really trying to solve a problem? Well, unfortunately, again and again, the substance and the results of Labor's legislation fails to live up to the promise of these titles. Those opposite are consistent, if nothing else.

Times are tough right now, and I don't get any pleasure in saying that Australians are struggling more than ever before. Since Labor came to office just over two years ago, personal income taxes are up by 20 per cent, real wages have collapsed by nine per cent, living standards have fallen by eight per cent, household savings are down by 10 per cent, and families with a typical mortgage of $750,000 are roughly $35,000 worse off. Businesses aren't immune to higher inflation, either. They also have to manage higher rents, higher mortgage repayments, higher energy bills, higher prices for goods and, of course, the consequences of their customers having less buying power. It's no surprise that last financial year was the worst year on record for business insolvency, with some 10,757 businesses becoming insolvent.

Our country is in an entrenched GDP-per-capita recession, and the only reason Australia's GDP is growing—barely growing, I might add, with just 0.1 per cent growth in the last quarter—is because under Labor we've seen the highest net migration in our nation's history. Obviously, this record migration is causing problems of its own. It's shrinking housing vacancies and driving up rents and housing costs when Australians can least afford it. Australians expect their government to act on these issues, and why shouldn't they? Who can forget the central promise of the 2022 election campaign, that life would be better and cheaper under a Labor government led by Prime Minister Albanese? A solemn promise from the 'my word is my bond' prime minister.

While Labor's policies might sound good at first glance, they are clearly failing to tackle the cost-of-living crisis. They are not bringing down inflation, nor are they laying the groundwork for the Reserve Bank to start cutting interest rates. I must say, it's unfortunate that Australia is an outlier when it comes to fighting inflation, with our core inflation sitting at 3.9 per cent. We are the only G10 nation where core inflation has gone up compared to December figures. There's a reason we're at the back of the pack, and it's because of our prime minister's failed policies and misplaced priorities. I'm talking about the $315 billion in extra spending. I'm talking about the plan to remove 90 per cent of our 24/7 baseload power. I'm talking about our Prime Minister's focus on ideological pet projects instead of getting back to basics, which is what Australia wants and deserves.

Unfortunately, with the introduction of this legislation, the government is doubling down on those policy failures. With these bills, the government is expanding the role of Export Finance Australia and the Australian Renewable Energy Agency to intervene in the market by funding and propping up domestic industries and manufacturing. With this proposed legislation, Labor are again saying that Australia can become a renewable energy superpower and that they will subsidise the development of domestic solar panel and battery manufacturing. Productivity Commissioner Danielle Wood, the government's key economic adviser, appointed by the Treasurer, has said:

If we are supporting industries that don't have a long-term competitive advantage, that can be an ongoing cost. It diverts resources, that's workers and capital, away from other parts of the economy where they might generate high value uses.

We risk creating a class of businesses that is reliant on government subsidies, and that can be very effective in coming back for more.

So this bill doesn't just mean billions of dollars in more government spending today; it potentially bakes in billions of dollars for decades to come to continue to sustain industries that simply aren't commercially viable—billions that this parliament will have no say over and that will not undergo appropriate analysis. So much for the promises of transparency that the Australian people got just over two years ago! Remember that?

You only have to look at the government's $1 billion investment in solar manufacturing through the Solar Sunshot program to be concerned with the approach those opposite are taking. We know that the Treasury department were not consulted prior to this investment decision. That's a real shame, because Treasury's subsequent analysis has said that it is not a sound investment. Similarly, the $1 billion investment in American company PsiQuantum appears equally questionable, given that a non-binding agreement with the company was entered into two months prior to the expression-of-interest process. Again, it appears that $1 billion of taxpayer money has been rolled out independent of department appraisal, analysis or recommendation. The bills before us do not make the process for investment any less opaque.

While I disagree with the government's approach and will be opposing the bills, I am glad that we are talking about the importance and the future of manufacturing in this country. Over 900,000 Australians are employed in manufacturing, and I would love to see that number grow. However, the reality is that Australia has several fundamental factors that make us uncompetitive compared to foreign markets: our corporate tax rate is much higher than the OECD average; our energy costs are on the rise; our industrial relations system is far too complicated and costly; we have far too much red and green tape, making it difficult to do business in this country; and our isolation from foreign markets means transportation costs also must be considered. Obviously, we can't control that last point I mentioned, but business leaders have an idea of where we can start. The President of the Business Council of Australia has said:

Our competitors (think Canada, the US, and across Asia) are more investment-friendly environments based on old-fashioned fundamentals like tax and regulation.

To reinvent our economy we must, as a point of national urgency, become a more competitive place to do business.

That's what the coalition will do: focus on the fundamentals, not slogans and ideological fairytales.

On energy, we haven't been deterred by the fearmongering and childish memes of those opposite, and we have announced we plan to incorporate zero-emissions nuclear power into Australia's energy grid. This is a long-term plan to deliver safe, affordable and reliable energy whilst reaching net zero by 2050, which the coalition is committed to. To achieve this target we can't simply rely upon renewables. That is a fantasy that even foreign left-wing governments can't comprehend. Let me remind the House that out of the 20 largest economies in the world, Australia is the only one without nuclear or without plans to move towards it. Moving from a mix of renewables, gas and coal to renewables, gas and nuclear will ensure our grid works 24/7 and is not reliant upon weather patterns. Let's not forget that manufacturing, which the legislation before us is supposedly meant to assist, is incredibly energy intensive. How can they have confidence with reliable 24/7 baseload power under this current government?

We've also committed to rolling back the complexity and hostility of Labor's industrial relations agenda threatening Australia's small, medium and large businesses. We all know that the process was about rewarding Labor's paymasters in the union movements, including unions like the CFMEU. In terms of red and green tape, we will prioritise condensing approval processes and cut back on Labor's red tape, which is killing mining jobs and entrepreneurialism. Of course those opposite have no plan to act on the fundamentals I just mentioned and will make the economic environment even worse with their commitment to failing energy, industrial relations and economic policies.

I'll also take this opportunity to reassert my commitment to the people of Western Australia. It has been a highlight of my parliamentary career to have fought and won policy battles on behalf of my state. While we have the Prime Minister preorganising photo opportunities surrounding our GST agreement, let's not forget who actually delivered that—it was the federal WA Liberal team together with Prime Minister Morrison. Without that agreement, WA would currently be receiving around 12 cents back for every dollar that we contribute.

Given this history, I won't be lectured to by those opposite about how to stand up for Western Australia. Indeed, one of the most laughable things I've heard from those opposite is that with this legislation they're all of a sudden champions for WA's mining and resources sector. Nothing could be further from the truth. As my electorate of Durack is home to much of Western Australia's resources sector, I meet with representatives from the sector regularly. Let me tell you that when I meet with those many many representatives, they certainly don't give the government a glowing reference. These claims are being made at the same time as we see the mining industry in the Pilbara and BHP currently combating clumsy union power grabs made possible by this government's disastrous and reckless industrial relations reform. Chris Rodwell, Chief Executive of the Chamber of Commerce and Industry of Western Australia has said:

The last thing WA and our nation needs is industrial chaos on our mining sites, allowing unions to effectively hold our economy to ransom.

Labor's grand plans and claims are also being made while the Minister for the Environment and Water is considering the inclusion of a climate trigger as part of her Nature Positive plan. According to new research by the Institute of Public Affairs, a climate trigger would put more than $220 billion worth of investment at risk. Of that $220 billion, $112 billion would be in my home state of Western Australia. This is on top of adding further green tape through the duplication of environmental approval processes that already exist at state and territory levels. Do those opposite realise that this will hold up new critical minerals and hydrogen projects, which apparently they support as part of their renewables revolution?

To the Minister for Resources, who during her contribution to the debate challenged me to take a position on this legislation and who consistently talks up government support for the mining industry, can the minister confirm how she feels about more red tape? I'd also like to hear if the minister supports WA's ban on uranium mining. Earlier this year at COP 28 there was a major push to triple global nuclear power by 2050. Australia is home to a third of the world's uranium reserves, most of which are in Western Australia. The obvious question is: why don't we get mining and help the world to get to net zero, grow the economy and create more good paying jobs in the meantime? It's also worth noting that this government's supposed support in this bill for the resources sector doesn't apply to things like gas, uranium, blue hydrogen or carbon capture and storage. Explain that.

While Labor talk a big game on critical minerals, the help they are proposing with this legislation only comes into play when those companies begin to turn a profit. Well, that's little good to companies like Nickel West, who are currently going underwater right now, or to the junior miners who are struggling to get projects off the ground.

Western Australians are not mugs. They understand that Labor will always be more interested in appeasing inner-city voters on the east coast—they know that—rather than securing well-paying jobs in our regions. They also understand that structural reform is required to support all businesses' growth, not just sections of the economy that Labor ideologically obsess over or make snap decisions to get behind. Australia is at a crossroads. We all want a future made in Australia, but this rubbish legislation is certainly not the way that it's going to happen. I do not support this legislation.

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