Kim Carr (Victoria, Australian Labor Party, Minister for Human Services) Share this | Hansard source

I thank Senator Sterle for his question. All senators here would be aware that this generation is living through the biggest resources boom in Australian history. In the last financial year our resources sector attracted some $47 billion in new investment, and out to the next year the figure is likely to rise to $120 billion. All of this, of course, puts extraordinary strain on the infrastructure that actually underpins the boom itself. Such a level of development calls for better roads and better rail connections. It calls for us as a government to act to reduce the bottlenecks around our airfields and our ports. Across the country, regions are crying out for major upgrades to their infrastructure. Failure to do so, in fact, represents a real threat to this country's long-term prosperity. Of course, we need to be able to work with industry to ensure that we have high-wage jobs in mining and all the other industries that support it. That is why the government is putting the proceeds of the boom back into the regions. There is $5.6 billion in revenue available from the resources rent tax to go back into the Regional Infrastructure Fund.

Senator Joyce interjecting—

I am sure, Senator Joyce, that even you would be interested to know that this is a fund that is designed to help this country build its economic capacity. All the projects under the fund are of a clear, national economic benefit. It is a pity the National Party did not actually support actions to defend jobs and to defend the living standards of working people in this country. These funds are available to assist with job creation not just in the resources sector itself but in industries that underpin the resources sector. It is about removing the bottlenecks that undermine our capacity to export. It is about splitting the cost and, of course, the benefits— (Time expired)