Yvette D'Ath (Petrie, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer outline for the House what the pipeline for investment projects says about the strength of our nation and of our economy?

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

I am asked by the member for Petrie about the strength of our economy. What I can say is our economy walks tall in the world. We can all take pride from our economic strength and pride in what a dynamic, diverse and ambitious country we have become.

We are dynamic because we, particularly on this side of the House, have put in place the long-term reforms to ensure our future prosperity and also our quality of life. We have been willing to take the long-term reforms that will make this nation a better place and that is why we on this side of the House are described as progressives—we are determined to get ahead of the game, to put in place long-term reforms. That is why those on the other side of the House are reactionaries—they are not determined to do anything to set the country up for the future.

We know that if we want a society and an economy that is prosperous and has social justice we have got to fight hard for these reforms. That is why we are putting a price on carbon pollution. It is why we are reforming mining taxation, it is why we are reforming aged care and it is why we are reforming hospital funding. We on this side of the House understand the importance of making the big reforms for the future. On that side of the House, all we have is scaremongering. Our economy continues to be among the best in the world, no matter how much those on the other side of the House try to talk it down. We now have a $½ trillion investment pipeline in resources—up 136 per cent, or around $290 billion, since we came to office—and we continue to see announcements. Just last Friday, BHP announced US$845 million to be invested in the Illawarra. Of course, we had an investment from Rio Tinto, an additional $4.2 billion in the Pilbara. So, no matter about all of the scare campaigns, all of the talking down of our economy—none of it stacks up when you actually look at the facts.

Of course, their scare campaign is torpedoed every day by the facts. Just like Whyalla, it will not be wiped from the face of the map on 1 July and, of course, the coal industry will continue to grow and prosper. Businesses will continue to invest in mining and, of course, so too will coalition members on the other side. So when the sun comes up on Sunday, jobs will continue to grow, the economy will be safe, the environment will be safe, the family budget will be safe, and nothing will save the credibility of the opposition leader.