Helen Polley (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Trade and Tourism, Senator Farrell. The 2023 Why Australia report, launched today, reinforces why there is no better place in the world to do business than Australia. How does the Australian government plan to attract further international investment, and will this investment create more Australian jobs?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

This is the second question from a Tasmanian senator today, and I know you've got a great interest in this area, Senator Polley. The Albanese government has a simple message for international investors: we are open for business. Today's release of the Why Australia report highlights this fact. Our strong economy, talented workforce, renewable energy resources and open trade and investment policies make Australia one of the best places to do business in the world.

Australia's reputation as an open, stable and globally connected economy makes us a leading destination for innovative start-ups, research organisations and global investors. Investors are fuelling our growing technology sector, which is valued at over $167 billion—the third largest contributing sector to our GDP. Our supportive innovation ecosystems help spawn incredible innovations like Google Maps, wi-fi, the black box flight recorder and, of course, the terrific cochlear implant. And our growing skilled workforce means Australia is in an ideal place for international companies to expand their operations, but our government wants to go even further. We have an ambitious plan to become a renewable energy superpower and a nation that makes things again. These plans will help attract even more international investment here to Australia.

More high-quality international investments mean more, and higher paying, jobs here in Australia, with more jobs in the industries of the future and in regional Australia. Unlike the previous government, Australian jobs are a top priority for the Albanese Labor government. I call on all of those opposite to support our legislation to strengthen the safeguard mechanism. (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Polley, a first supplementary.

Helen Polley (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

Minister, how has the last decade of policy uncertainty and inaction under the former Liberal National government impacted international business investment in Australia?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Polley for her first supplementary question. The Albanese Labor government knows that the international investors crave certainty. But, unfortunately, after a decade of Liberal National government, that's the last thing international investors got. Instead of a government that they could trust, they got a decade of infighting and political divisions which prevented any meaningful action on important matters impacting investment, like a plan to tackle climate change.

Thankfully, our government is taking a responsible approach to policy that delivers what investors need most—certainty and stability. We've ended the climate wars by charting a sensible path to net zero through our safeguard legislation. This gives international businesses a clear and predictable framework to invest in the renewable industries of the future. (Time expired)

Sue Lines (President) Share this | Link to this | Hansard source

Senator Polley, a second supplementary?

Helen Polley (Tasmania, Australian Labor Party) Share this | Link to this | Hansard source

How would cross-party support for the safeguard mechanism and the National Reconstruction Fund give business certainty to help attract game-changing investment in Australia's domestic industries?

Don Farrell (SA, Australian Labor Party, Minister for Trade and Tourism) Share this | Link to this | Hansard source

I thank Senator Polley for her second supplementary question. We're providing Australian industry and the economy with a stable ambitious policy environment for investment in the decarbonisation of our domestic industries. Yesterday's announcement by the Prime Minister and the energy minister was welcomed by the Business Council of Australia and the Australian Industry Group, because they know our safeguard mechanism policy will help us attract game-changing investment into the future.

Beyond providing certainty on emissions, we are providing certainty on government investment in the industries of the future through the $15 billion National Reconstruction Fund. If senators in this place are serious about attracting international investment in the industries of the future, I encourage them to support our legislation for a stronger safeguard mechanism and the National Reconstruction Fund.