Matthew Canavan (Queensland, Liberal National Party, Minister for Resources and Northern Australia) Share this | Hansard source

I thank Senator Davey for her question and recognise her longstanding support for our country's fantastic resources sector. Senator Davey is right to highlight the fact that, over the last week or so, Australia has achieved its first current account surplus in, as she says, 44 years—the last time a current account surplus was achieved here in Australia was in 1975—and the resources sector played a big role in achieving that. Just a few years ago our resource sector exports were below $180 billion. At the time there were people out there saying, 'This is the end,' and those opposite were saying: 'We don't need resources anymore. They're not important for our economy anymore.' Well, in the space of just a couple of years, our exports of resources and energy last financial year hit nearly $280 billion—so up nearly $100 billion in the space of just a couple of years. Given our current account surplus had just ticked over zero, that contribution was quite significant.

To run through what has happened in the last few years: our iron ore exports were below $50 billion a few years ago; they're up to almost hitting $70 billion in the last financial year. Our coal exports were at $35 billion a few years ago; they're now at $65 billion. Our gas exports have quadrupled in volume since we've had $200 billion of investment in our gas sector, and we now export $50 billion worth of gas. Just those top three—of gas, coal and iron ore—account for more of our exports combined than all other goods exports as a total. It's a huge contribution to our economy.

I know that Senator Davey knows very well how important it is that government support the resources sector, like the coal sector in her state. I visited some coalmines in the Hunter Valley with her in the last few weeks to reiterate that support. It's why we oppose the agenda of the Greens, who want to shut all this down and take away all this wealth from our country. And then what are we going to do? We're not going to have jobs and we are going to be much poorer for it. (Time expired)