Glenn Sterle (WA, Australian Labor Party) Share this | Hansard source

Thank you, Madam Acting Deputy President. As I said, I do want to clear up a few things. Firstly, I think it was Senator Johnston talking about the condensate tax and how bad things are in Western Australia and how bad things are for Woodside. Let me just clear something up for senators opposite and for those who may be listening who are not from Western Australia. Woodside are a wonderful company; make no mistake about that. Woodside invest a lot of money in Western Australia’s North West Shelf and should be commended for the efforts that they have made in employing not only a lot of Western Australians and eastern staters but also a lot of workers from overseas. Let us make that very clear. I actually delivered to the Woodside site long before there was an LNG plant there. When there was only an ATCO hut that was acting as their office, I moved the furniture into it. So I have had a long association with Woodside. I made a lot of money from Woodside in the days of my removal business by moving Woodside people.

But let us make something very clear, despite the wailing and crying and the crocodile tears from those opposite. Woodside’s profit—and there is nothing wrong with profit, before senators on the other side go into hysterics; profit is good—this year was over $1 billion. And we in the Rudd government welcome that news; we think it is fantastic—absolutely no dramas. It just shows what a wonderful opportunity the state of Western Australia provides for investment. But as Senator Carr mentioned in answers to questions without notice yesterday, if the condensate tax had been applied this year, Woodside’s profit would unfortunately not have been over $1 billion. It would have been only $950 million. Now, that would be a reason for Western Australian senators opposite to be upset, I suppose, on behalf of Woodside: $950 million. That rolls off the tongue very easily: a $950 million profit. But, if the condensate tax had been paid, that Woodside profit would still have been—Senator Boyce, for your benefit—$340 million more than this time last year.