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

Getting rid of the mining tax actually helps with more jobs, because the mining tax was a sovereign risk associated with the previous government that ultimately raised no money for this government and was a handbrake on the intentions of mining investment. And of course we are the ones who are delivering the free trade agreements. The agreements focus so much on the services side of the economy.

Now, mining is a big part of the economy; it is a big part of exports. Mining and agriculture combined represent around 12 per cent of Australia's GDP, but they represent a massive part of Australia's exports, particularly in iron ore and coal. So, what we have to do is fire up the other 70 per cent of the Australian economy that is in services—in tourism, in financial services, in health services, in education services, in a range of different services. Many Australians are employed in those areas, retail being the largest. If we can fire up those sectors, which represent just 17 per cent of Australia's exports, we are going to see a wave of prosperity that Australia has not witnessed ever in our history. That will inevitably come about because of the emergence of the middle class in Asia which wants what we have. They want excellent health services, they want excellent education services, they want a better quality of life, they want better homes—

Ms MacTiernan interjecting—

See this speech in context