Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

I thank Senator Marshall for his question and his concern, a concern which is matched by the gravity of the situation that we confront today. The Australian economy is experiencing the biggest structural change in a generation, driven largely by the high dollar. The resources boom is creating a net benefit for our economy; however, it is posing serious challenges for other trade exposed sections of the economy, and firms in those sectors are responding through innovation.

Through the wailing that we have heard from the other side, their crocodile tears about manufacturing—a recently discovered concern, I might add—you would have thought by now we would have heard some policy statement from them on how they believe we should be able to help manufacturers, tourism or education providers deal with a 45 per cent increase in the movement of the exchange rate.

We are seeing considerable challenges facing our manufacturers, and we know that this is a reality that is being faced in a very difficult and sometimes painful and unavoidable transition period that is ahead of us. However, there are reasons for optimism about our ability to navigate this difficult period. As a country, we have the opportunity to choose the future we want, and we have to be prepared, as a country, to fight for it. We know there are many, many things in this country that are going well for us. In fact, we have a world-class university system. We have a world-class research system. We have well-educated people. We have advanced technical skills. We have advanced infrastructure. We have a long history of great inventions. (Time expired)