Ian Macfarlane (Groom, Liberal Party, Minister for Industry) Share this | Hansard source

We have set out to review the economies of both Victoria and South Australia and that process has already travelled some distance—in fact, as you know, I was in Victoria three weeks ago and in South Australia last week. We have established a $100 million growth fund to ensure that development goes on in the wake of, particularly, the closures of Holden. We have established a national competitive industry innovation agenda, led by the Prime Minister, along with the Treasurer, the Minister for Foreign Affairs and the trade minister.

We do work towards transforming Australian industry but with a precise and measured approach. What we have seen from those opposite in the past, in the last six years, is chequebook diplomacy: see a problem, rip out the chequebook, throw money at it—knowing full well that there is no solution coming from any of that. The changes in industry have been going on for some time. What we need to do is make sure we address the issues that are there, not attribute blame, not lament, not say this is a catastrophe. This is a challenge, and Australians have a record of rising to that challenge. We need to use our innovation; we need to use our wit.

Ms King interjecting—

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