Stephen Jones (Throsby, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Resources and Energy and Minister for Tourism. Minister, how strong is the current and future investment pipeline in Australia's resources sector and how does the government respond to claims that the introduction of the minerals resource rent tax and the petroleum resource rent tax will affect this investment?

Martin Ferguson (Batman, Australian Labor Party, Minister for Resources and Energy) Share this | Link to this | Hansard source

I thank the member for Throsby for the question. In doing so, I acknowledge that Australia is grabbing with both hands the window of opportunity which is the resources boom. It is not just about us accessing record commodity prices; it is also about guaranteeing future investment by regaining the loss of market opportunity which occurred under the last resources boom during the Howard government. We are also ensuring that the benefits of this resources boom are spread across the Australian economy, especially in sections such as manufacturing, tourism and education, which are challenged by the nature of the Australian dollar at the moment and the pressures the resources sector is placing on the broad Australian economy.

Investment is really about the future. We have $455 billion in either planned or committed capital investments at the moment and $170 billion of that is capital investment in the LNG sector. This is exceptionally important. I notice a certain Queensland flavour to the questions from the opposition this afternoon. Let us talk about the benefits to Queensland of the minerals resource rent tax and the petroleum resource rent tax. Let us talk about the $45 billion new capital investment in the LNG sector in the Gladstone corridor achieved since the introduction of the PRRT. Let us talk about the significant investments from India—the first major investments to the Queensland resources sector in the Galilee Basin by GVK and Adani—a country looking for further opportunities to develop a guaranteed source of supply of commodities, despite what the opposition has said about the introduction of the PRRT and the MRRT. More importantly, this reflects increases in not only investment in Australia in the coking coal, thermal coal and iron ore sectors but in jobs growth. That is what this government is all about—investing in our future and guaranteeing jobs growth.

Since the legislation was introduced we have seen a 37 per cent jump in mining industry employment in Australia. This is not just about direct employment; it is also about the services sector, logistics, maritime services, and cleaning, legal and financial services, all benefitting Australia, especially in Queensland, from this resources boom. It is about time the Leader of the Opposition apologised to the Australian business sector for denying them an across-the-board cut in company taxation, ensuring the opportunity to spread the benefits of the resources boom.

The SPEAKER: The minister will return to the question. Is the Chief Government Whip seeking to ask a supplementary question?

Joel Fitzgibbon (Hunter, Australian Labor Party) Share this | Link to this | Hansard source

No.

The SPEAKER: On that basis, he is not going to be given the call!

A government member: Thank God for that ruling.

The SPEAKER: And I do not need the minister on my right saying, 'Thank God for that ruling'!