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

My question is to the Minister for Resources and Energy. Will the minister update the House on the pipeline of investment in the resources sector? What does this say about the performance of the sector?

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

I thank the member for Capricornia for the question. As a member representing central Queensland, she understands the importance of the resources sector and of us as a nation consolidating the current investment pipeline. On that note, I am pleased to advise the House that despite a dramatic drop in commodity prices over the last 12 months—in actual fact a bigger drop than any of us expected—we have been able to further consolidate the huge amount of capital investment in Australia at the moment, right across the resources and petroleum sectors. I must say, this is exceptionally important. It goes to the heart of what this government is about. It is about jobs and investment and strengthening the underpinnings of the Australian economy, which is what the Australian community actually expects us to be debating and talking about on a regular basis in this House.

In that context, could I remind the House, as the Treasurer said today, that we now have in the resources and petroleum sector $268.4 billion committed in capital investment currently under construction in Australia. That represents 87 major projects. Importantly, 51 of those projects are in the minerals sector, 18 in the gas and petroleum sector and a further 18 in infrastructure. Perhaps more importantly, 11 of those projects are actually megaprojects, representing investment of more than $5 billion each. It is interesting to note that, of the 10 major LNG projects under construction in the global community at the moment, seven are under construction in Australia, to the tune of about $170 billion—

Alex Hawke (Mitchell, Liberal Party) Share this | Link to this | Hansard source

Madam Speaker, I rise on a point of order. The Leader of the House was keen earlier to make a point about people standing in the aisles. We really do not like him down this end of the chamber, and he is standing here regularly, standing over us.

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

The member for Mitchell makes a valid point about people standing in the aisles.

Anthony Albanese (Grayndler, Australian Labor Party, Leader of the House) Share this | Link to this | Hansard source

Madam Speaker, I assure you I am liked by the crossbenchers. That's why we are on 444 to zip.

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

The Leader of the House is warned!

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

Madam Speaker, I didn't know the third test had started in Perth! Putting that aside, can I say, in addition to the 87 projects committed, we have also got 277 projects in the pipeline. I am pleased to say that, over the course of the next week, I will be having discussions both in India and in Singapore about three of those key projects which represent further investment opportunities for Australia in 2013. They include two in the Galilee Basin, by GVK Hancock and Adani, both major projects with the capacity to open up the Galilee Basin. I will also be having discussions in Singapore with potential investors in the Roy Hill iron ore project, which hopefully will go to find an investment decision about the middle of next year.

I raise these questions because the Australian community understands the importance of attracting further investment, despite a dramatic drop in commodity prices, and in doing so maximising employment and training opportunities for Australia. That is what the Australian community wants us to speak about. That is what we are committed to continue to do and that is what we will go forward on in terms of our plan for the future—further investment and jobs for ordinary Australians.