SENATOR PENNY WONG, LEADER OF THE OPPOSITION IN THE SENATE: Thanks very much for coming. Its great to be here today, back in Adelaide, with my colleague Chris Bowen, with Nick Champion, Tony Zappia and of course John and his members from the AMWU. These men and women understand first-hand what it means to live in an economy that is changing and they also understand first-hand what it is to have a Government who is prepared to allow its Treasurer to goad Holden to leave.

The hard reality of Joe Hockey and Tony Abbott and Malcolm Turnbulls decision to goad Holden to leave is what these workers standing with me deal with every day. We understand in Labor that we need to work with the regions, with communities and with industry, to ensure that these men and women and their kids have the opportunity for stable, high paying, good jobs into the future. We know that Holden has chosen to leave as a result of what the Federal Government did. But we also know that we have an opportunity now, an opportunity at Federal and State level to have governments working together.

So today, Bill Shorten has announced an investment into advanced manufacturing. An investment to ensure jobs of the future, an investment to ensure that South Australians can transition to a brighter future, a future which is all about jobs, all about well-paying jobs and all about security for people like those standing with to me. We know Bill Shorten has announced today a national package - I just want to talk about the South Australian package. Were working with Jay Weatherill and his Ministers to invest here in South Australia $17.5 million to ensure that we build on programs the State Government has already put in place. Programs which are about making sure we have an advanced manufacturing capability here in South Australia. Programs which will ensure businesses have the opportunity to get into the supply chains for our shipbuilding and our submarines projects, programs which make sure we diversify. This is what Labor is doing. Federal Labor is all abou t jobs. We want more jobs here in South Australia, we want better advanced manufacturing capability and were prepared to work with the workers, communities and the State Government to deliver that. Ill hand over to Chris Bowen now.

CHRIS BOWEN, SHADOW TREASURER: Thanks Penny, Ill deal with a couple of matters before Penny and I can take questions. Firstly, just to support what Penny said, Malcolm Turnbull and Scott Morrison think that just talking about jobs and growth, delivers jobs and growth. They think that saying having a plan means they do have a plan and of course, they dont. All they have is a slogan. Labor on the other hand believes in real action, working with the private sector, with unions, with community groups to ensure that our economy is growing and adding good quality jobs.

We believe jobs can be created through investments in renewable energy, making Australia the leader we should be in renewable energy, to create good jobs and new jobs in the future. We believe in investing in schools to improve our economic performance. We believe in the NBN, which of course we will be saying more about. And we believe, in best practice industrial policy.

The Government says the transition is going well, theyre wrong. What we believe in is working cooperatively to ensure that particularly industries and regions which have been affected by economic change can come through that change stronger. We believe in working to ensure that individuals affected by this change get every support necessary and possible. So thats what we have announced today, Bill Shorten in Victoria and Penny and I supporting here in South Australia today.

Here in South Australia with an unemployment rate of 7.2 per cent, with fewer full-time jobs that existed at the time of the last election. South Australians know the need for this package. South Australians know that Malcolm Turnbull was dragged kicking and screaming to the submarine decision by Penny Wong, by the Labor team, putting Adelaide front and centre of our considerations for the future. Malcolm Turnbull and the Liberals did so for political reasons, finally adopting what was common sense in the approach to submarines. But I bet today, youll hear more from Malcolm Turnbull about jobs and growth, but no plan, whereas Bill Shorten and Labor are announcing our plans and policies.

Ill just deal with two other matters briefly. Firstly, new figures in New South Wales showing now one in ten home buyers are first time home buyers. One in seven across the country, but one in ten in New South Wales. Malcolm Turnbull today is in Perth with his scare campaign about negative gearing. Its all hes got. No positive plans for the future, no vision, no agenda, one great big scare campaign. It seems to strike him as appropriate to go to Perth to warn that property prices will fall if negative gearing gets changed, in Perth where property prices are falling right now. Well guess what Malcolm? Theyve got negative gearing in Perth and property prices are falling in Perth.

It just underlines the fact that there are lots of factors which go into property prices. But first home buyers have a very valid aspiration to house themselves in their own home. We have become a society which makes that harder and harder. We want to put first home buyers and investors on a more level playing field by our sensible reforms to negative gearing. As well as providing the room to invest in schools and hospitals and budget repair which is fair. Again, Labor leading the debate. Malcolm Turnbull reduced to having nothing but an old style Tony Abbott scare campaign.

And just finally, before I hand back to Penny, very serious and concerning reports today on the front page of the Financial Review. Now obviously ASIC will run its investigations, but the sort of approach that we see outlined that has allegedly occurred today in some of our biggest banks - on the front page of the Financial Review - underlines again why Labor has led the argument for a Royal Commission. Whether what has happened is illegal or not, a Royal Commission properly constituted, that would enable the Australian people to have full transparency when it comes to these very concerning allegations. Mums and Dads, investors, business people right across the country depend on honesty when it comes to interest rates and settings through this mechanism. Well continue to monitor the ASIC inquiry very, very carefully, but well do more than monitor. An incoming Labor Government will establish a Royal Commission into Australias banks so that these a nd other scandals can get proper scrutiny through a process of a Royal Commissioner - looking at this with all the powers of a Royal Commissioner, with all the powers that a Royal Commission brings to this very important matter. Liberals propose Royal Commissions for political purposes, Labor proposes Royal Commissions in the national interest and in the interest of all Australians. Penny and I are happy to take some questions.

WONG: Okay, any questions?

JOURNALIST: On the subject of penalty rates, where do both of you stand if it was recommended that penalty rates were cut. Would you support that?

WONG: It is not just where Chris and I stand, it is where the Labor Party stands. The Labor Party has always stood up for working people. The Labor Party has always defended penalty rates. The Labor Party in opposition has made submissions to the independent umpire supporting penalty rates, and we have said if we are elected we will do what we have always done, which is to continue to advocate for penalty rates being maintained.

Now that stands in stark contrast to the Liberals, where you have seen member after member of Malcolm Turnbulls Government including on his front bench - Angus Taylor for example, saying penalty rates could be cut. It stands in stark contrast to Nick Xenophon, who has been very clear on his opposition to penalty rates when he introduced a bill a couple of years ago to cut penalty rates on the weekend. So Federal Labors position has been consistently supportive of penalty rates because we understand what it means to working people, particularly many low paid people.

JOURNALIST: So is your party united on this front?

WONG: Of course we are united on this front. Labors position on penalty rates is not just this week, Labors position on penalty rates is decades long. We have had a consistent position for a very long time, just as we have a consistent position on jobs. I again reiterate todays announcement; todays announcement is about South Australian jobs. It is because Labor wants to see more jobs here in South Australia, because we want to invest with the State Government for South Australian jobs into the future. An advanced manufacturing economy, that is where job security can come from.

JOURNALIST: Can you tell us how we will see a real difference in South Australia with your plan, because that hasnt really been outlined to us?

WONG: Sure, so the issue here is how you work with firms, businesses and communities to transition. We all know what is happening in the northern suburbs of Adelaide particularly, but across South Australia as a result of Holden leaving. We all know that what we have to do is transition to an advanced manufacturing economy. We need to ensure that firms here in South Australia get into the supply chains for our shipbuilding projects and our submarines. These are funding programs which are all about investing in firms, investing in capital, investing in R&D to make sure that local people get these opportunities. This is about backing South Australian firms to get better opportunities and better jobs for South Australians.

JOURNALIST: Is there any proof that these policies would work, any independent studies?

WONG: I think that it is very clear that Governments simply just cant sit on their hands when you get this sort of economic transition. I know thats what some in the Liberal Party want us to do, but were about jobs and we are about working with business and the community to make sure we have jobs here in South Australia.

JOURNALIST: Is $17 million going to go very far though?

WONG: This is backing in the South Australian Governments programs and this is in addition to a whole range of investments Federal Labor is making. Lets understand our investment in schools, investment in schools in South Australia is also about future jobs. It is about making sure South Australians have the opportunities in the future, have the skills in the future, to take these opportunities.

JOURNALIST: How does this work in with the Automotive Transformation Scheme?

WONG: Obviously the Federal Government has got a view about the ATS. We havent made a decision about what approach we take down the track to that, but this is additional money. What we are announcing today is additional money, an investment today in local firms and local jobs.

JOURNALIST: Whats the return on the $17 million?

WONG: Well, I hope that it will be a return that is manifest in South Australian jobs. The return on this, the dividend on investment, is local jobs and local opportunities.

JOURNALIST: Obviously the automotive industry is a huge issue for this State, but also the future of Arrium is a huge issue. What is Labor planning to help to save Arrium?

BOWEN: In relation to Arrium, this is a matter that Tom Koutsantonis and I have discussed on many occasions. He has kept me very regularly briefed on his activities, his very active approach as State Treasurer. This is an issue across the country of course, its a particular issue in South Australia, in Whyalla, but there are many jobs affected right across Australia. Bill Shorten wrote to Malcolm Turnbull, I believe twice, saying that we would provide bipartisan support for any sensible measures in relation to the steel industry and Whyalla in particular. Tom Koutsantonis has raised with me the need for close interaction with the banks and I have taken the opportunity to speak to some of the bank chief executives to ensure that they have a view to providing every assistance possible in relation to the transition to a new business model and I have had those discussions with the chief executives. Again, what we are announcing today goes to the e ntire South Australian transition underway, which whats happening in Whyalla is obviously an important part.

JOURNALIST: Treasurer Koutsantonis has been pretty keen on a co-investment from the Commonwealth Government. Could we expect to see that from Labor?

BOWEN: Again, he has made his position clear to the Commonwealth and we have said to the Commonwealth that we would support any sensible measures. The Commonwealth are the ones with the information and resources at their disposal. We have said we will not play politics with that, if there is a sensible plan that comes forward, it would meet with our support.