Investment and Trade Initiatives

Mr WHETSTONE (Chaffey) (14:39): Supplementary, sir: my question is to the Minister for Investment and Trade. Minister, can you explain to the house why South Australia's export revenue represented 7.9 per cent of the nation's exports but today only represents 4.6 per cent, under your ministry?

The Hon. T.R. Kenyon interjecting:

The SPEAKER: Before the minister answers, the member for Newland can leave us for half an hour for violating the sessional orders—violating the standing orders, but he is being thrown out under the sessional order.

The honourable member for Newland having withdrawn from the chamber:

The Hon. M.L.J. HAMILTON-SMITH (Waite—Minister for Investment and Trade, Minister for Small Business, Minister for Defence Industries, Minister for Veterans' Affairs) (14:39): I must say that I was somehow anticipating this question, because you have to be a very special shadow minister to get thrown out of question time before it has even begun, yet that managed to happen yesterday. The shadow minister's question is yet more wok-in-a-box economics. I can explain to the shadow minister why that is so. First of all, his claim is factually wrong. He just repeated yet again that he claims that 7.9 per cent of trade in 2002 was South Australia's. If he checks his facts he will find it was 7.4 per cent. So, he is wrong for a start in the very facts he claims as part of his explanation. Secondly, I would invite him to consult any year 10 or 11 student of business economics at any high school in our excellent schools, because they could explain the question.

What has happened, I say to the shadow minister, is a remarkable thing that he might have missed from 2002 onwards. It's called a mining oil and gas exploration and production boom and it happened everywhere; in fact, the Howard government was a beneficiary of the extraordinary revenues from it. When the shadow minister lines up to do year 10 economics what they will tell him is this, that in 2001-02 Queensland's exports were $23.2 billion, but in 2014-15 Queensland's exports were $46.5 billion. Why is it so? He would know when he talks to the year 10 economics students that in 2001-02 Western Australia's exports were $30.2 billion, but now in 2014-15 Western Australia's exports are $110.8 billion. Why is it so? It is called a mining and exploration boom.

Do you know what happens? When the states that have got minerals, oil and gas, when their exports go up our share looks smaller, but in fact—and he could probably go to a grade 7 student for this answer—our exports have actually gone up from about $9 billion to well over $11 billion and heading towards $12 billion. So, do you know what? Our exports have gone up; it's just that the wealthy mining states have gone up more.

We really need a shadow minister and a leader who understand economics. We really need a shadow minister and a leader who can read a budget paper. We really need a shadow minister and a leader who just understand economics. So, yes, I can explain why it appears that our share of exports hasn't gone up as fast as WA's and Queensland's and the shadow minister and the leader would be the only two people I know in public life in Australia who would be dumb enough to ask that question, but even dumb enough, further, not to understand the answer.

The SPEAKER: The member for Wright is warned. The minister was in violation of standing orders and so were most of the opposition, so in accordance with the advice of the Treasurer I just let it flow. The member for Reynell.