GILBERT: Finance Minister, Penny Wong, good morning. What update can you give us on Melinda Taylor?
WONG: Good morning, Kieran. Good to be with you this morning on this Queens Birthday public holiday. The Foreign Minister, I understand, has spoken to the [Libyan] Deputy Foreign Minister. Senator Carr has issued a release this morning saying that he has made that contact; hes been assured shes well and hes sought consular access. The latest statement from him is probably the best place to go. And Im sure the Australian Government and Minister Carr will continue to press for, certainly for consular access, as quickly as possible.
GILBERT: Much on the economic front over the weekend. Spain has become the fourth and largest European Union nation to request a bailout for its banking system. Does the Government welcome this development, Minister?
WONG: We welcome attempts by Europe to stabilise their financial system and to make the changes they need to make to improve their economic outlook. Theyve got a very long and painful adjustment ahead of them, unfortunately, something the Governments well aware of. You might recall that we were actually more pessimistic in our outlook for Europe in our budget forecasts than most international institutions. So, we are very aware of the difficult road ahead for Europe. I do want to say that Australia can face any concerns in relation to Europe with a great deal of confidence, given where our economys at and the strength that weve seen in the economic data last week.
GILBERT: As you refer to, particularly the first quarter growth was strong, but are you confident the Australian economy can withstand any further fall out from Europe; weve got the Greek elections in about a week or so and obviously a lot of uncertainty remains.
WONG: I understand that people get very concerned when they read the papers or watch television and see whats happening in Europe. But I think its very important for us to recall where Australias at. Weve had very good growth. As you refer: the last quarter, 1.3 per cent and in excess of 4 per cent through the year, an extraordinary position. Weve had more jobs created. So, since this Government came to power, over 800,000 jobs created. Weve got contained inflation and interest rates at very low levels. And probably, most significantly in terms of the vote of confidence in the Australian economy, weve got $500 billion of investment in the pipeline. Thats a massive vote of confidence in our economy from global investors. So, all of those things mean we can face these global times with a great deal of confidence. Obviously, were not immune, but we can face them with a great deal of confidence.
GILBERT: The Prime Ministers holding an Economic Forum this week in Brisbane. It seems that a number of unions have accepted the invitation, one Premier, Ted Baillieu, but the Queensland Premiers not showing up, the WA Premier, and apparently a very little turn up from the minerals sector as well. Is that a concern to you?
WONG: No, I think what we have at the Forum is a cross-section representation from all aspects of Australian industry. And what I would say is that the Forum is a very important opportunity to discuss whats going on in the Australian economy. Were experiencing an enormous structural change in our economy. Were seeing massive investment in mining that has lots of positive benefits but its got some consequences that we have to manage as well. And its appropriate that weve got a whole cross-section of Australian industry, including the mining industry which is represented, to talk about what is the way we can stay competitive, how do we stay ahead of the curve, how can we build on the productivity investments that the Governments making. Its all about making sure we have prosperity today, but also in the decades ahead.
GILBERT: Dave Oliver from the ACTU has called for the Government to implement more of the co-investment style approach that we saw with Holden, but in other sectors of the economy. Is the Government open to that in other areas like manufacturing or in tourism or wherever else that it might be needed, that sort of co-investment.
WONG: As I said earlier, theres a lot of change going on in the Australian economy and what we have to make sure is that we try and manage that change for the best outcomes for working Australians. And that means where theres an important case in terms of capability, in terms of making sure we can ensure more productive, more competitive industries in the future, theres a case for government to assist as it has with Holden and the auto sector. But I would say we also have to recognise that its not viable for taxpayers to, for example, effectively insure industries for exchange rate risk. So, theres a judgement to be had here about what is the best use of taxpayers money, how do make sure we invest in the right things and we invest recognising that this is about making industries more productive and more competitive in the decades ahead, not just protecting them if their business models will need to change.
GILBERT: Finance Minister, Penny Wong, thanks for working on a public holiday for us, appreciate it.
WONG: No worries. Good to speak with you, Kieran.
ENDS