PM: It's good to be back here with my own community here in Brisbane at a time which is 10 years on since I was first elected as the local Member of Parliament. It's great to be here with members of these community organisations, with Meals on Wheels, school P&Cs, P&Fs, sporting clubs, refugee advocacy groups and others in the RSL.
It is great to be among them because they actually are the building blocks of this local community which I have proudly represented now for the last 10 years.
And also to have the opportunity here to make some comments about what we intend to do as a national government in building a new compact with the community sector, with the not-for-profit sector.
The not-for-profit sector is part of the building blocks of the Australia of the 21st century. We will need a new compact with them so that we engage their ideas, we take the red tape burden off them and we provide them with greater support to go out there and do the job which they are best capable of doing and most passionate about doing.
One of the things I will touch on before taking your questions is this. Nation building, this Government is passionately committed to the project of nation building for Australia. Because we have major infrastructure challenges for the future, our ports, our roads, our rail, our need for high speed broadband.
So many people, including here in Brisbane, are sick and tired of sitting in congested traffic all the time. What are we going to do about that? Building the infrastructure for our major cities of the future is one of the priorities of this Government. We intend to put our shoulder to the wheel in partnership with other levels of Government and in partnership with the private sector.
Building Australia, nation building. Big priorities for the future. It is part and parcel of who we have been as a country in decades past and now the national Government is back in the game of infrastructure development for the future.
Last thing I will say is this, for this to happen the Building Australia Fund needs to be passed by the Australian Parliament. And here is my challenge to the Liberals. Up until now they have opposed it. They have shouted their opposition to this on the floor of the House of Representatives, said all sorts of negative things about it.
I think they are radically out of step with the mood of the Australian nation and the needs of the Australian economy. So my challenge to them is act responsibly, support this legislation through the Parliament because we want to get on with the business of nation building and do it with a significant fund to back it through. And that is the Building Australia Fund.
Over to you folks.
JOURNALIST: (inaudible) opposition has said this will be used to bail out Labor Governments (inaudible)
PM: Last time I looked the Government of Western Australia was not a Labor Government. Secondly, the Government of Western Australia also wants to partner with us on infrastructure developments across that state. Infrastructure developments in the north of Western Australia. Those major resource communities which need support, which need better port access, which need better general infrastructure support.
Do you know, this is a national challenge as well.
The other thing I would say to the critics and the naysayers is this. The Reserve Bank for years and years and years has warned the previous Australian Government of our infrastructure bottlenecks in Australia as pulling back Australia's future economic growth.
The previous Government ignored all that, 20 warnings they got. That's contributed to inflation. It's also created a problem for long term productivity growth in the Australian economy. Well, we don't intend to stand still on this. We are going to get on with the business. Because we budgeted for a budget surplus we have the money to deliver to the Building Australia Fund, an important buffer for the future at this time of global financial uncertainty, an important platform for investing in our nation's future infrastructure needs.
JOURNALIST: When will that money be made available?
PM: One of the decisions we reached yesterday at the Council of Australian Governments was to bring forward an interim report from Infrastructure Australia. Infrastructure Australia has been doing two things - auditing the stock of the nation's infrastructure and secondly compiling a national infrastructure priority list for the future.
That was scheduled for March next year, we have now brought forward an interim report to be deliberated on by Government by the end of this year. That is the first step.
Second, on the money which is the Building Australia Fund, it depends on when the Liberals get their act together in the Senate, and whether they are going to support it or vote it down. Their present remarks have been negative. My challenge to them is this - at this time of global financial uncertainty, unblock the surplus in the Senate and secondly support this important measure for the nation's future.
JOURNALIST: (inaudible)
PM: In the budget we allocated some $20 billion for this. So the funding has been allocated, its dedication to this particular fund depends on the passage of the relevant legislation through the Parliament.
JOURNALIST: In light of Bill Henson's interview with Fairfax newspapers (inaudible) do you stand by your previous comments (inaudible) and how do you feel about (inaudible)
PM: Oh look, I have nothing to add to what I've already said on this matter. Of course, I stand by my earlier remarks.
JOURNALIST: (Inaudible)
PM: Well can I just say, the Libs should have a long hard look at what happens elsewhere around the world when politicians for short term political reasons get in the road of major national initiatives which need to happen.
There's too much short-termism in Australian. There has been in the past.
We need long term plans for the future, and guess what, they cost money. You've got to do it.
If people had this view in the 19th century, and you know something, there never would have been built railroads around Australia. Because the arguments back then were that they were too expensive and how would governments roll them out.
My argument for the 21st century is let's build a national high speed broadband network, let's make sure that our national infrastructure is up to scratch, and let's not just throw our hands up in desperation at the huge challenges of urban congestion. Let's get on and do something about it. And it costs money.
JOURNALIST: (Inaudible)
PM: Are you talking about the American measures?
JOURNALIST: (Inaudible)
PM: On the American measure, I just spoke with - I thought you were referring to the attitude of the Liberal Party in the Senate on the question of the Building Australia Fund -
JOURNALIST: (Inaudible)
PM: So that was the answer to that third question.
On the other legislature that we were talking about, which is that in the United States, I spoke to our ambassador in Washington only an hour or so ago about how things are shaping up for the House of Representatives debate and the vote.
This is still very tight, and I think we've got to watch very carefully what happens in the day or so ahead.
I spoke yesterday with the House Majority Leader in the United States, Steny Hoyer of the Democrats, made our views known, and those of other friends and allies in the United States.
This is still going to be a very tight vote.
I note also what the Speaker, Mrs Pelosi, has had to say about her stated intention of not taking the Bill to the Congress for a vote, the House of Representatives for a vote, until she's confident the numbers are there for a passage.
The passage of this measure is really important for stabilisation of US financial markets, which is really important for stabilisation of global financial markets, which is really important for unfreezing credit worldwide.
JOURNALIST: (Inaudible)
PM: Well, we've made our case with the Administration and with the Congress in the United States. I've also been on the phone to friends and allies with the United States, the British Prime Minister on a couple of occasions and the Prime Minister of Japan yesterday before speaking directly with the House leadership.
We have made every argument possible, it's now down to the vote. In Australia itself though, I'll say this. We, throughout the course of this year, the Government, the Treasurer and myself, have been working actively to ensure sufficient liquidity in the Australian economy through the interventions by the Reserve Bank.
Secondly, assisting further on that with the measures the Treasurer announced recently, the Australian Office of Financial Management. And thirdly, increasing the Australian bond market by the measure we announced to increase the available funds by $25 billion into that.
These are practical measures we've implemented during the course of the year, together with the Reserve Bank's continued action on the liquidity front.
Australia is well positioned. A strong balance sheet, strong regulation, a strong Budget surplus.
These are three qualities which we have in Australia which are not evident in many other countries which are currently being buffeted.
JOURNALIST: (Inaudible)
PM: Well, the importance in Australia is for us to be clear sighted about the difference between US financial institutions and those in Australia.
Can I make this point - of the 20 AA rated banks around the world, Australia's four major banks are among those 20. And that's really important. It's really important in terms of the future of credit arrangements worldwide because when credit unfreezes - and that's why the passage of this package before the United States Congress is so important - then lenders will look at credit ratings of major banks around the world. Which is why it is important to ensure that our banks remain in first class reputational order and our major banks which represent 85 per cent of the banking system are so important in that respect. We're different to the United States, obviously we're not immune from what's happening in the United States.
JOURNALIST: (Inaudible)
PM: Infrastructure Australia, which has been set up under legislation, will go through the infrastructure audit. It's not just of capital cities, it's for the regions of Australia as well. And secondly, provide recommendations on an infrastructure priority list for the nation.
Obviously, we can't meet every expectation - that's just being honest about it. But we are going to, as rationally as possible through the advice we receive through Infrastructure Australia, put together that priority list. And that will mean dealing with regional challenges, not just those of the capital cities.
But can I add this.
National high-speed broadband, the infrastructure of the 21st century, the core part of it, goes everywhere. And those most disadvantaged now through non-investment in the past are those in regional and rural Australia.
JOURNALIST: On footy, the Grand Final's on this weekend. You're going?
PM: Yep, I'll be there.
JOURNALIST: Now, you're obviously a proud Queenslander, you're patron of the Broncos. Who should we hate more - Melbourne or Manly?
PM: Let me rephrase the question. Who will I be supporting? Let's put it in a positive frame of mind.
I'll be supporting the Storm. And the reason is the Storm wouldn't exist if it was not for Queensland, in players, that is.
JOURNALIST: (Inaudible)
PM: My answer to your question is ‘I didn't do it'
JOURNALIST: (Inaudible)
PM: I think in terms of dress standards about two. In terms of demeanour and attitude, positive attitude, five and a half. Quality of tea itself, right up there with a seven or eight.
JOURNALIST: (Inaudible)
PM: Thanks to B105 for the catering today. It was good. Although I haven't had any yet. It's spectacular. But like most spectacular cakes they're often best looked at rather than consumed.
Okay guys, I better run.