Martin Ferguson (Batman, Australian Labor Party, Minister for Resources and Energy) Share this | Hansard source

I withdraw the reflection. Let us be frank, Olympic Dam is not lost to Australia. The decision of BHP Billiton yesterday was a commercial decision. They have clearly indicated that, in terms of the South Australian and Australian governments, they could not have asked for more. Every regulatory approval was in place. This was a potential investment of $30 billion, almost twice the outlays of the South Australian government each year in terms of its budget. BHP Billiton must get this project right.

Let us have a frank talk about where Australia is at. In every resources boom there are two opportunities. First, there is the benefit of record commodity prices—and we have had that as a nation. The second and most important opportunity is attracting and implementing a pipeline of investment of $270 billion. The Australian community is proud of that. The only person who was very, very pleased with the Olympic Dam decision not going ahead in the immediate future yesterday was the Leader of the Opposition.

See this speech in context