Bob Katter (Kennedy, Independent) Share this | Link to this | Hansard source

My question is to the Treasurer. Is the Treasurer aware that Innisfail’s South Johnstone mill, in perfect order, was sold by a liquidator for around $15 million to a company that had, at the time, built a mill with half South Johnstone’s capacity for reportedly $85 million? Much worse, this sale took place when the liquidator was aware of a second offer coming forward, involving existing farm owners and four of Queensland’s most reputable companies. Without even knowing what this offer entailed, the liquidator sold to the first offeror, a major customer of the mortgagee. Since mortgagors are sold up like this regularly, inflicting similar hardship, could the minister assure the House that his officers, already doing a very good job, will set a good example and pursue this case to the conclusion which the interests of justice and equity demand?

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for Kennedy for that very important question. As a Queenslander and someone who has been associated with the sugar industry for much of my life I had a very good visit to North Queensland about a month ago. I went to Townsville, first of all, to talk to resource companies about the copper string project, about a transmission line between Mount Isa and Townsville of vital importance to energy supply in the north-west and also of very great potential in terms of renewable energy. We then proceeded further north to the Victoria mill, one of the largest mills in Australia. The thing I can say is that I am an optimist about the future of the sugar industry in this country. I do believe it has a bright future and that it is a very good example of what we can do if we get all the policy settings right. I believe there is more that we can do for our great sugar industry to make sure that it continues to prosper. It is such a vital source of employment, particularly in Far North Queensland but also along the Queensland coast further south and, of course, into northern New South Wales. The member asked me about the particular case of the South Johnstone mill. I can assure him that I will follow up with the responsible regulator to ensure that everything is done that can be done to ensure that the law has been properly observed.