Senator MINCHIN (Industry, Science and Resources) (4:55 PM) —I take note of Senator Schacht's comments. The insurance industry does not actually come within my portfolio, but obviously I am very keen to encourage and promote an outward-looking, successful Australian insurance industry.

The Australian insurance industry has had international success in Asia and the subcontinent. I am advised that GIO has developed some expertise in the international space launch industry in relation to insurance and has achieved a level of business of around $150 million per annum, which is just terrific. I think that is one of the spin-offs. This is the whole point: if you get an industry like the space industry going, there are spin-offs you are not even conscious of before you start. So I think that is a terrific side benefit for ordinary Australian workers of developing such an industry. I would be pleased to take that matter further.

Amendment not agreed to.