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Penny Wong fails to lock in prosperity



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THE HON ANDREW ROBB AO MP Shadow Minister for Finance, Deregulation and Debt Reduction Chairman of the Coalition Policy Development Committee Federal Member for Goldstein

M E D I A R E L E A S E

Thursday, 23 August 2012

PENNY WONG FAILS TO LOCK IN PROSPERITY

Penny Wong is in denial about the fact that her government through its carbon tax and mining tax combined with a raft of other bad decisions has seriously undermined Australia‟s investment climate and increased our sovereign risk profile.

“For months BHP and many other major companies have been warning that the actions of this government have eroded Australia‟s competitive advantage as an investment location,” Shadow Finance Minister Andrew Robb said.

“What this government fails to understand is that companies like BHP and others have investment options around the world.

“Consequently factors like the carbon tax, mining tax, regulatory burden, repressive industrial relations regime and the unpredictable nature of the Gillard government weigh heavily in decision making about which projects to advance.

“If Penny Wong had been doing her job as both a Finance Minister and South Australian Senator she would have done everything in her power to ensure the Olympic Dam expansion was realised. This project could have locked in 50 years of prosperity for her state,” Mr Robb said.

The uncertainty that prevails within the Gillard government was further highlighted when Senator Wong this morning totally contradicted the Resources Minister Martin Ferguson on the status of the mining boom.

Martin Ferguson: "You've got to understand, the resources boom is over. We've done well."

Penny Wong: "No, I think the mining boom has still got a long way to run."

“For all of Labor‟s talk of „sharing the benefits of the mining boom‟ - it has effectively conceded that under its watch, Australia has become a less attractive place to do business,” Mr Robb said.

Media Contact: Cameron Hill on 0408 239 521