Kirsten Livermore (Capricornia, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer outline for the House what recent data and announcements say about the strength of the mining sector and our economy? How confident is the Treasurer that the mining sector will still exist come 1 July?

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

I thank the member for Capricornia for her question. She represents one of the great engine rooms of the Australian economy, with a very important coal industry in that area which is growing all the time. Despite all of the volatility in the global economy, we received another stunning vote of confidence in the future of our economy yesterday. We had a report from the Bureau of Resources and Energy Economics which looks at the pipeline of investment in resources, and they forecast that our resource and energy export earnings will reach a record high of $209 billion in 2012-13. That is underpinned by strong growth in iron ore, in coal and in LNG. And we know there is more to come, because we have a pipeline here that is worth up to half a trillion dollars.

Just today we have seen Yancoal list on the Stock Exchange for $4 billion. This is an industry that the Leader of the Opposition said is going to be annihilated on Sunday. Yancoal listed for $4 billion today. Also, we have had the announcement from Santos that they are going to bring forward $2.5 billion of capital expenditure on a major project at Gladstone right through to now. This is another huge vote of confidence, particularly in our resources sector but most particularly in our economy and in the policies of the government.

All of this deals a very serious blow to the scare campaign from the Leader of the Opposition, because the world is not going to end on Sunday. As the Prime Minister said, the sun is going to rise in Whyalla—and of course the Special Minister of State will be there with his mum—and the coal industry is going to continue to expand. For the Leader of the Opposition, Sunday is going to be the equivalent of the Y2K virus. He has told Australians to build up their stores of bottled water and head for the bathroom in the morning. None of these things will be necessary because none of the doom and gloom that has been promised by the Leader of the Opposition will come to pass.

Our economy will continue to grow and, of course, we will continue to provide the assistance in the Clean Energy Future package to the pensioners, wage earners and families of Australia. We will do all of that, but that will be ripped off by the Leader of the Opposition should he come to power so he can give a tax cut to his mate Clive Palmer. We know they have had a lovers' tiff, but I have heard they made up overnight. There has been a fix put in. They had a little sandpit tantrum the other day but they are friends again. The truth of it is this: the Leader of the Opposition will go in to bat for billionaires— (Time expired)

Mr Tehan interjecting—

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

Order! The member for Wannon will leave the chamber under 94(a). It is highly inappropriate to be doing as he and several others did. He is the one who got pinged, though.