Steve Irons (Swan, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer outline to the House the challenges facing our economy and how the government is responding to those challenges? How will the government's economic plan help families in my electorate and across Western Australia?

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for Swan for that question. The member of the Swan knows, as a West Australian, that there have been significant challenges in the Western Australian and the Australian economy over the last two years as we have transitioned from a mining construction phase economy into a mining production phase. Importantly we have seen commodity prices for iron ore, for example, fall from $120 a tonne to $50 a tonne. That has had a big impact on Western Australia. It has had a big impact on Australia.

As a result of the transition of the Australian economy, we lost 43,000 jobs in the mining industry. But the good news is that during that enormous transition, particularly with its impact on Western Australia, 32,000 more jobs have been created in Western Australia since we came to government. Despite the fall in commodities prices, despite the tapering off of mining construction, there are 32,000 more West Australians in jobs since we came to government.

You have got to open up the opportunities as well. I can report to the House that today the Asian Infrastructure Investment Bank enabling legislation passed through the Senate and that means that we are going to get more opportunities in the Asian region and that is terrific.

Ms Plibersek interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Sydney will cease interjecting.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Last month we had record volumes of iron ore pass through Port Hedland. The latest data indicates that of those record volumes of iron ore, 87 per cent was destined for China. If we can even it out and supply more iron ore to the rest of Asia through the Asian Infrastructure Investment Bank and its construction work in non-China Asia—

Ms Butler interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The member for Griffith is warned.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

then that is going to help to build prosperity for West Australians and for all Australians. Because, after all, nearly 70 per cent of all of our exports to China come from Western Australia. China is our biggest trading partner.

What are we doing? We are signing up to the Asian Infrastructure Investment Bank but, importantly, we have a free-trade agreement with China. That free-trade agreement with China delivers more jobs and better paying jobs not only to the people of Australia but in particular to the people of Western Australia during this transition in the economy. We are determined to continue to roll out the economic plan that delivers jobs. There were 32,000 more jobs delivered over the last two years for the people of Western Australia. We will continue with that economic plan.

Mr Hunt interjecting—

Tony Smith (Speaker) Share this | Link to this | Hansard source

The Minister for the Environment will cease interjecting.

Mr Stephen Jones interjecting—

The member for Throsby will cease interjecting.

Dr Leigh interjecting—

The member for Fraser will not interject before he has even got to the dispatch box.