TREASURER:
It's lovely to be here at RODE Microphones and thank you so much, Peter, for having my good friend Craig Laundy and myself here. What a terrific Australian manufacturing story this is. I understand the business exports half a million units a year overseas. 97 per cent of what is manufactured here is exported to more than 100 countries and Peter has just set up an office in Shenzhen and is exporting to China – what a great story that is for Australia – congratulations mate. We've done our bit – removing the Carbon Tax helps – Peter told me that he consumes enough electricity to power a small city. Well, getting rid of the Carbon Tax is going to reduce the burden of rising electricity costs and importantly, it helps to make us more competitive when it comes to imports and also operating in other markets. The fact is, these businesses flourish and grow when governments are responsible and considered in the way that they manage their own affairs. That's why we're getting rid of regulation, we're getting rid of taxes and that's why we're focussing on living within our means.
The Budget needs to be fixed. There are debt deniers in Australia. That is unacceptable. The worst thing we could do to Australia is to burden businesses like this, employees like those around us, with a possible debt burden of $25,000 for every many woman and child in ten years' time unless the Government gets the Budget challenge under control – and that's what we're doing. The day-to-day bills are being paid, but we need to lay down the structural response to the debt burden that has been left by the Labor Party. That's why we're focussed on getting our structural reforms for the Budget through the Parliament.
JOURNALIST:
Is there is a rush to do that? The Finance Minister seemed to indicate last night that there wasn't.
TREASURER:
The fact is, we want to get on with the job of delivering stable predictable government for Australia. If the Government lives within its means then that can give business and consumers confidence that there's not going to be any surprises in the future to address what would be a massive challenge left by Labor of $667 billion of debt in ten years' time. That means if no corrective action is taken now we are going to have to find $3 billion a month just to pay the interest on the debt legacy left by Labor.
JOURNALIST:
Does it need to happen immediately though?
TREASURER:
We've got to get on with the job now. The quicker we take action to fix the structural challenges left by Labor over the next decade, the less severe the response would have to be in the future.
JOURNALIST:
[inaudible]
TREASURER:
No, we have engaged very productively with sensible Senators and I am very confident that we will be able to prevail despite the best efforts of the Labor Party and the Greens to derail our attempts to fix the mess they left. I am confident that we can get the structural savings through. That is what we are focussed on – getting on with the job of dealing with the structural problems left by Labor.
JOURNALIST:
Do you think maybe there are some mixed messages being sent then when the Finance Minister comes out last night and says that you've got time to get these measures through but you're saying that they need to happen quickly.
TREASURER:
They are structural reforms, the day-to-day Budget is being addressed. The day-to-day business of government is being delivered. We have been saying that constantly, most of the Budget has passed through the Parliament, but we are now dealing with some of the structural challenges and that means we have got to focus on the structural responses. Such as ensuring that we have a co-payment to ensure that our Medicare system is sustainable and affordable in the future. Making sure that we have sensible changes in welfare so that we have an appropriately funded safety net for those most vulnerable in the future and getting on with the job of building the infrastructure that is going to strengthen the economy over the 21st Century.
JOURNALIST:
[inaudible]
TREASURER:
Yes, because effectively the savings in health go into the Medical Research Future Fund and given that all that money is not going to be spent but the return on the investment from the Medical Research Future Fund will gradually increase over time the overall benefit of our health reforms is a significant saving to the Budget.
JOURNALIST:
[inaudible]
TREASURER:
We have but perhaps you didn't hear it.
JOURNALIST:
What about the people of Western Sydney, you say we are paying the bills day-to-day, some of them aren't managing to pay their bills now. How are they going to do so with some of these measures [inaudible]?
TREASURER:
The best way to help the people in the community who make the contribution through work or through day-to-day life, the best way to help the whole community is to ensure that people have jobs and what has been of great interest to me in the tour of this magnificent facility is the diversity of the community, the diversity of the workforce and the best thing for a family, the best thing for prosperity is to give people the opportunity to have a well-paid job. Now, you hear people saying that manufacturing is finished, it's not, look behind me, look around us. This is the sort of manufacturing future Australia has, it's a great story and it's a great credit to Peter and all the team at RODE Microphones.
JOURNALIST:
Talk about businesses like this having a close tie with China, what do you think about the recent comments by the Palmer United Party in terms of damaging those relationships?
TREASURER:
Mr Palmer has a very loud voice. I urge him to think first of the best interests of Australia and if he does that he would recognise that businesses such as this which have growing market opportunities in China rely on our biggest trading partner to be a willing engager in day-to-day commerce. Now, Mr Palmer has a responsibility as a party leader to put the nation's interest first and that's what we are urging him to do – whether it be about China or about the Budget or anything else.
JOURNALIST:
[inaudible]
TREASURER:
The relationship with China is deep enough and sophisticated enough to withstand the odd angry shot. But, they are our biggest trading partner and there are a heap of people employed in Australia as a result of the fact that China is buying a lot of what we produce and it's not only what we produce out of the ground it's what we produce through our own effort in manufacturing and in innovation. The example right here, as I've said, is the business of the future that is going to help to grow our economy through manufacturing and exports to China.
JOURNALIST:
[inaudible]
TREASURER:
Terrorism is not defined by faith, terrorism is defined by the action of the individual. I would urge all the community, as the Prime Minister has, as Craig has, to work together to ensure that any support for any terrorist activity here in Australia or overseas is dealt with immediately and reported to authorities. It is not an anti-Muslim issue, it is about putting Australia first. It is about protecting all of our citizens no matter what their belief may be, no matter who their God may be. Our laws are about protecting our people.
JOURNALIST:
[inaudible]
CRAIG LAUNDY:
I have the honour of representing one of the most culturally diverse seats in Federal Parliament, no doubt. I have a large Islamic population. I'm the third generation of my family to call this seat home. Some of my best friends are Islamic, my children today are sitting in class with Islamic kids, with Buddhists, with Hindus with every faith, the way Australia has always been. In this part of Sydney we don't look at people's faith or their race, we look fellow Australians. In my discussions with the Islamic community and with every community, in explaining these laws and the reasons for them, these laws apply equally to everyone irrespective of race, irrespective of religion. We have a serious problem we need to confront and our number one job as a Federal Government is to ensure, and will always be our number one job, to ensure the safety of our citizens and that's the message I'm taking to the community and engaging with them day-to-day.
JOURNALIST:
[Inaudible]
TREASURER:
Look, that's for others. Thank you very much.