ED HUSIC, MINISTER FOR INDUSTRY AND SCIENCE: Good morning everyone and thanks so much for joining us. Today is a landmark day, because at the last election we said we would establish the National Reconstruction Fund to help rebuild manufacturing. $15 billion to invest in secure, well‑paid jobs, to strengthen our supply chains, to support our critical industries and mobilise the move to net zero, a Future Made in Australia. 

We passed the legislation to establish the National Reconstruction Fund. Bear in mind it was opposed by the Coalition. We established an independent board led by Chair Martijn Wilder, drawing expertise from all corners of our country. We delivered an Investment Mandate identifying seven priority areas we wanted to fund to invest in with a rate of return for the taxpayer, and we stood up a new corporation that began accepting proposals earlier this year, and today Australians can see the fruits of those efforts. 

I'm joined here not just by the Chair, Martijn Wilder, but also Dr John Russell, who has come all the way from Toowoomba to be with us. 

40 years ago, John started Russell Mineral Equipment. Now, it exports to over 90 countries. It exports 90 per cent of what it produces, manufacturing high‑end mining gear in Toowoomba, 320 employees, most of them highly skilled, making an important and incredibly valuable economic contribution to Regional Queensland, an important link in the supply chain as well for our world‑class mining industry. RME is a great Australian success story, and John Russell's a proud Australian who has always wanted to keep his company in Australian hands employing Australian workers, a firm that's attracted a lot of interest, especially from overseas buyers that have always wanted to snap it up, but John and the team wanting to maintain an Australian company on Australian soil. 

And today we can announce that the National Reconstruction Fund working in partnership with private capital in the form of Resource Capital Funds, they're stepping up, $40 billion to make sure RME stays in Australian hands as it transitions to the next stage of its growth, keeping the export dollars flowing, jobs in Toowoomba and Regional Queensland, the skills and machines we need to keep our mining industry strong onshore, and this has been a family‑owned Australian business inviting the rest of Australia to take a stake in a national success story. 

Martijn, I just want to personally thank you and the NRF team for the incredible work that has been done into setting up this deal. It's an investment you've made on behalf of the Australian people, an investment that will secure a financial return as well as keeping a great Aussie company in Aussie hands, an investment that sets the tone for the NRF moving forward, backing Aussie know how and Aussie jobs. 

We said as a Government we would build our manufacturing capabilities, that we wanted to grow sovereign capability, that we wanted to be able to stand more on our own two feet. Today we are showing how the NRF is investing in firms that want to grow. The NRF is attracting private investment dollars to help in that effort, and finally, that we're holding on to capability and setting us up for future growth. And with that, I might invite the Chair, Martijn Wilder, to say a few words before we hand over to Dr Russell. 

MARTIJN WILDER: Thank you very much, Minister, and just to acknowledge Minister Husic, also welcome Dr John Russell, also John's wife Cherylyn Russell and Peter Rubi from the Board as well. It's great to have you here. 

As the Minister said, the NRF was set up during the last election, and over the last 12 months the team has worked extremely hard to set up the NRF to get the organisation in place and to start going through investments, and I'm absolutely delighted today and incredibly proud that our first investment is in Russell Mineral Equipment, and this will be the first of a number of investments that we're going to announce over the coming months and the coming weeks, and we've spent a lot of effort going through our investment pipeline, and we'll be delighted to rolling out more. 

Russell Mineral Equipment are a world leading original equipment manufacturer of mineral refining technologies, and you'll hear a lot more from John today about what the business does. It's also an inspirational story of Australian innovation and extremely hard work since John set the company up in 1985. He identified the opportunity to improve safety and efficiency in the mining industry and he had the acumen and dedication to turn the idea into a global business, and as Minister Husic has said, a really true global business exporting overseas and generating over the life of the business over a billion dollars of revenue for Australia. 

Our investment in Russell Mineral Equipment is a really good example of how the NRF is supporting the continued growth of Australian manufacturing businesses, and I think a key part of what's really attractive about this investment for us is it's not just putting money into the company, but it's allowing the innovation that the company has built to grow, to take that forward, and to actually advance the industry and keep it in Australia, and I think that's a really important point.

And for the NRF, the more that we can do to back Australian innovation and Australian growth, that is the purpose of why we're here, and I'm delighted that a key part of this deal is this great story. Our investment in RME will also help us to, as the Minister said, protect Australian manufacturing. So we are building this manufacturing base in Australia, but also it allows RME to remain in Australia and John might talk a little bit about the excitement of his overseas and his staff about the fact that the Australian Government is making this investment to make it an Australian company. 

Also, the fact that it's based in Toowoomba means that this will contribute to regional development, and I think that also, you know, manufacturing in Australian cities is one thing, but manufacturing in the regions is absolutely critical. And so, the fact that we're able to maintain a highly skilled workforce in regional Australia is also really important and one of the reasons that the NRF was set up. In addition, as I said earlier, it will really enable us to commercialise Australian innovation and some of the R&D, the move to robotics that John and the team are doing is also a really exciting story, so you'll hear more about that going forward.

And I think most importantly, one of the things that RME does is it also improves a lot of mine safety, worker efficiency, and in that regard plays a really important role in taking our mining sector and making it one of the more advanced sectors in the world and helping other sectors around the world to do the same. This announcement is also part of a second announcement, in a partnership with RCF, as the Minister said. So RCF, Resource Capital Funds, is a leading private equity investor in critical minerals and mining. 

Part of the role of the NRF is to work with private capital and crowd that capital in, so our partnership today with RCF through a $100 million partnership will allow us to do more deals, like we've done with John, and to allow us to further expand opportunities across the resources sector. So as you know, the NRF has seven priority areas; resources is just one, but it's really pleasing that we are able to start our journey in a sector that is really critical to the Australian economy, and we think that ‑ and through this partnership there are other opportunities that will come through RCF as well. 

So, in conclusion, I just want to thank the Minister, who's been incredibly supportive throughout the setting up of NRF. I think it's a really important part of the Australian economy. I think as we see challenges in the US as well, the opportunity to take Australian innovation and back that innovation is really important, and I'm delighted that our first deal is with John, and so John, I'd like to hand over to you to say a few words. Thank you very much. 

JOHN RUSSELL: Thank you. Thank you, Minister and Chairman. And thank you for being here. It's nice, always nice to come to Canberra, and it's a privilege to be here today. I'm short‑sighted. 

The agreement we've entered into is an important milestone for RME. Since 1985, RME has innovated mineral mining technologies and services in pursuit of removing fatal risk and improving our customers' productivity. I didn't build RME with the intention of selling, but at this stage of my life it was important and responsible that I actively pursued succession plans for the company that I love, and to strengthen its future, our people's careers and the customers we serve and keep safe every day. 

I'm a proud Australian and creating opportunities for Australians was one of my primary goals in founding RME. So as I considered the succession of my company, RME, the possibility of an investment from the Australian Government's National Reconstruction Fund corporation was immediately attractive. Andrew Jessett of Resource Capital Funds is well known to RME, having been an adviser to RME's Board since 2019. Andrew has a proven reputation as an entrepreneur, a technologist and a businessperson. He's like us. 

RCF and the NRFC recognise the value, and value the standards set by RME for 40 years. RME's Board and Chief Executive Team are really excited to be working with both organisations in this new era of growth for the company. The transitional sale agreement we have entered into with the NRFC and RCF will strengthen RME's future, helping it to live in perpetuity, honour the growth and potential of the company, secure skilled jobs in regional Australia, and finally, will ensure we remain Australian owned and operated from Queensland. Thank you. 

ED HUSIC: Thank you. Okay. 

JOHN RUSSELL: Three more paragraphs.

ED HUSIC: Okay. Well, you gave me that look. 

JOHN RUSSELL: I give you that look a lot. Furthermore, the investment strengthens RME's position as the world's most trusted original equipment manufacturer of mill relining technologies and Australia's leadership in the manufacturing of advanced mining technology. I'm profoundly grateful to past and present colleagues, our customers, suppliers and everyone who's contributed to RME's positive impact and success today. The combination of RCF's investment experience, the NRFC funding and RME's high performance team and culture provides the security to ensure that RME can reach its fullest potential and much more quickly as the world strives towards a net zero future. Thank you very much. 

ED HUSIC: Thank you. Righto, questions?

JOURNALIST: I've got a question for Martijn, if possible, or for the Minister as well, for both of you. 

ED HUSIC: Sure. 

JOURNALIST: Does this ‑ this is the first investment by the NRF and NRFC. 

ED HUSIC: M'hmm. 

JOURNALIST: Is this sort of priming the pump and we can now expect more rapid announcements going forward, or, you know, should we expect more time before the next one will be announced? 

ED HUSIC: Okay. So, I'll start, and then invite the Chair to add some remarks. So, you'll ‑ this will be the first of announcements that will start to roll out over the coming weeks and months. 

We have, as I said, taken the time to set up the Fund, and also not just build it up, 'cause you're building an entire team, but you're also assessing investment opportunity as well. We have across, unlike other specialist investment vehicles in government, we have seven priority areas that we're focused on, so getting across the breadth of that market knowledge and then being able to make those investment calls, obviously scaling that up - really important. 

But for us, it has been a big part in a world where there is a lot of competition in this space and where there's a recognition that we do need to build, in various countries, sovereign capability, one of the lessons of the pandemic being that over reliance on concentrated or broken supply chains doesn't work in economic or national interest, and so we need to have big funds like this that can draw in private capital as well, make the pool of available capital greater to be able to invest in that, what I think is a critical national imperative, really important. 

And longer term too, I just want to stress, as a co‑investment fund, really important that we're working with the private sector. The NRF can't do this alone. We've seen some success in other vehicles that are maintained by government, for example, the CFC, for every one dollar it invests, $2.30 of private capital joins it. That is very important for us long‑term but building up the National Reconstruction Fund Corporation and getting it ready to make these announcements which you will see in the coming weeks and months, absolutely critical. Martijn. 

MARTIJN WILDER: Yep. So what the Minister said is spot on. So, over the next weeks and months we'll be making quite a number of announcements. I think the important thing, just two important points I want to make. One is, it's already over a year ago NRF got moving, and in that period, we have set up the organisation, done a huge amount of work and Mary Manning's who's here, our Chief Investment Officer and the team have been going diligently through many investments. 

It takes time, as you can appreciate, to do investments, but compared to the other SIVs we've actually moved pretty fast, and so across seven key areas where we’re building expertise, I'm very proud of how fast we've actually come and what we're going to deliver going forward. I think, secondly, the other important point is that we are in an area that is in Australia innovation manufacturing, where traditional investors don't really want to go; they see a lot of risk, a lot of uncertainty, they're not familiar with those sectors. 

So as the Minister says, our ability to work with private capital, crowd that in, and also be capital that's pretty much in some cases capital that's more willing to take risk and to push the economy and to back Australian innovators in, I guess, a country that's been more recently pretty sceptical on our ability to manufacture. The role that we may is going to be really important in that. So, I think you'll be pretty pleased with what you're going to see rolling out over the next weeks and months. 

JOURNALIST: Minister, you were mentioning that there are future announcements for the fund in the coming weeks and months. Are there some in marginal seats that are coming that will be announced closer to the election, for instance? Would that be almost considered a form of pork‑barrelling, for example, and secondly, it was mentioned earlier during the press conference that there were issues with the US. Are the ‑ is the incoming Trump Administration and the looming tariffs that he's proposing, and the possible trade issues that will be going on, would that impact on the fund given, you know, China might not be looking to invest in, you know, minerals or other sort of trade issues there? Does that represent a concern for the fund going forward? 

ED HUSIC: Okay. So on the two questions, let me respond. First, can I just say, I'm enormously grateful you've asked the first question, 'cause it's important to draw a clear distinction about what the NRF's done, doing, and what we have experienced in times past. We are not about politically colour‑coded spreadsheets making decisions on the basis of political interest over national interest. We deliberately set up the Board of the National Reconstruction Fund to be independent. We brought together skills on that board to have the confidence to make investment decisions, and that are ‑ as I said, this is a critical national effort to build up sovereign capability so we can stand more on our own two feet. It does not involve me as a Minister or anyone else in being able to make the investment calls determined along the lines that you asked me in the question. We want taxpayers to have the confidence that the proper decisions are being made, national interest over political interest. 

So, what I can assure you is, this first investment is not in a government‑held seat, it didn't come into it. What came into it was retaining and building capability in Toowoomba. Regional Queensland, is already, when you look at the rest of the country, there are a higher proportion of manufacturers in regional areas of Queensland more so than any other part of the country, and so manufacturing matters to regional Queensland, being able to retain and grow capability, very important. So that, I think, has answered your first question, but happy to respond on anything else that you don't think has been covered off. 

On the second issue, with respect to what might happen in other parts of the world, let me say this: we clearly believe that a country like Australia that has opened up economic opportunity as a result of exporting and having much freer relationships, this has been really important. RME, as I indicated, nearly 90 per cent or over 90 per cent of what it makes gets exported, so having free trade is really important. You've heard the Treasurer indicate that the imposition of tariffs would have a potential economic impact. We are very keen to see countries working together in making trade as easy as possible. 

For, in terms of the impact on the fund, I come back to that other point. A lot of countries are recognising that they do need to build sovereign capability. We inherited some of the lowest sovereign capability in the OECD. We are determined to change that, and while other governments will be elected and come and make their own decisions in other parts of the world, that's their prerogative, but in terms of what's happening here and what's happening in other parts of the world, you can see that effort going, there is nothing that is diminished by other elections that are occurring, we need to keep pressing ahead on this. It's important that we not just invest for today, these are investments for generations to benefit from. That is very important to emphasise. 

JOURNALIST: Minister, or potentially for Mr Wilder, how, I guess, active has the NRF been in scoping out the investments that they've found, or has business come knocking on your door? I guess, what's the relationship in terms of actually setting up the initial investments? 

ED HUSIC: You know what, I think that's a question best placed to the Chair. So, I might hand over to him, if you don't mind. 

MARTIJN WILDER: Yeah, I think ‑ so two things: one, we have invited publicly people to come and bring proposals to us, so that has been part of it, but I think secondly, the NRF has also been fairly active in going out to looking for proposals. I think you need to understand that there are seven areas. A lot of people ‑ we've made people aware that NRF, what the funding is, we have to get people interested in that. 

Also, I think a lot of the ‑ you sometimes go to, you know, manufacturers and say, "Would you like to scale up?" And they say, you know, I mean John's a great example of an Australian who wants to scale up and grow, some manufacturers actually don't want to grow, they're quite comfortable doing what they're doing. So, I think it's a combined effort of scoping things out in the market, talking to other players, talking to other super funds, investors, working with other SIVs, and really a coordinated effort. So, I think it's a bit of everything, basically. 

JOURNALIST: I have a question on a different issue, electoral reform. 

ED HUSIC: Oh, right. Okay. We'll just keep going on NRF. Yep. 

JOURNALIST: I have another question, actually. Dr Russell, if I can just quickly ask a question. Potentially, unfairly, but there's I guess this view among, you know, many, that Australia's not very good at manufacturing things or good at building things. I guess, how do we overcome, you know, that view, I guess, that we're not good at creating, you know, manufacturing products in Australia? 

JOHN RUSSELL: Grow more RMEs. We had a sales guy in China in a lift coming down in a hotel, and the door opened, a guy got in, saw his logo and say, "M'mm, RME, you guys do the best welding in the world," and then got out of the lift. And the sales guy didn't know who he was. Yeah. It's just we need to spread the disease. Australia can do anything, absolutely anything. We can, you know, if we had enough interest and money, we could put satellites in space, you know; we can do anything. It's just not our history to date, and personally, that's one of the things I've fought against. I am intensely patriotic, and as I said earlier, my mum and dad got tangled up in the Second World War, dad was 20 at the [indistinct] so yeah, I'm proudly Australian, and seriously so, and I hope RME serves as a model for other manufacturers. 

We do have a robotics crowd in Melbourne that sell us bits and pieces, and I said, "Oh, who's your biggest market?" and he said, "Australian farmers". So that really took me by surprise, you know, that they're not sitting in the ute, chewing grass while they watch the cows grow, they're embracing robotics, they're shooting weeds with lasers and all sorts of things. So, there’s this, I sense there's this ground swell, maybe in robotics that's happening quietly in Australia, and we just haven't been taking enough notice of it. So yeah, I find it pretty exciting times, quite frankly, so thank you for the question. 

ED HUSIC: What he said. What he said. 

JOURNALIST: Just while you're up there. If I just go on with ‑ would you mind just clarifying what would happen to RME if you did not get this $15 billion? 

JOHN RUSSELL: Look, we've been ‑ I just turned 70, I don't want RME to be a distress sale when I kick the bucket suddenly. That leaves everybody with a problem, and maybe a purchaser that is sub‑optimum and not Australian, and blah blah blah. So, while I'm still reasonably sentient, we're making conscious efforts to find a good buyer for RME, and it's a blessing, quite frankly, that the NRFC has been evolving to this point just at this time. 

Every decision we've been making for the last year or more, as we sort of started to get into the idea of managing RME 2.0, which we've been calling it, we've made with a view to if I'm going to continue in perpetuity or whether there's a new owner, and we've always been making the correct decisions for the future of the company. So, it's in a very strong position, and it could have continued on in case there was that unfortunate event where I slipped the mortal coil, and there was a messy sale. But, yeah, the way it's gone, yeah, it's a gift from Heaven almost, it's just perfect, so I'm so grateful to the program. Thank you. 

JOURNALIST: Just a quick follow‑up. Were there foreign bidders involved as well, or was it always the ‑‑ 

JOHN RUSSELL: Oh, look, foreign companies always have a bit of a sniff around. 'Cause RME's been a pretty classy company for a long time, but yeah, we're being very disciplined about what we're doing, you know, so yeah. 

JOURNALIST: Were the National Reconstruction Fund involved from the beginning in terms of ‑‑ 

JOHN RUSSELL: No, no. We had a longer relationship with RCF, and I think the relationship between NRFC and RCF coalesced to lead to this arrangement. 

ED HUSIC: Okay. 

JOURNALIST: Perhaps a question for the Chair. Given that we're expecting a Federal Election campaign in the next six months or so, how will the NRF handle that time? Will you be making announcements during the election campaign, or will you try and hold off to [indistinct] organisation? 

MARTIJN WILDER: Yeah. So as the Minister said, NRF is an independent organisation, we will continue to proceed as business as usual. The board will make decisions on the basis of investments we get, and we'll do that in an ordinary fashion. To the extent there are relevant caretaker provisions, obviously we have to look at those, but quite frankly, we're just getting on with business really. 

SPEAKER: Okay. Are there any other questions? 

ED HUSIC: Just before we go on, I just want to emphasise too, you know, there is always a challenge for, particularly family‑owned businesses but manufacturers specifically about how they maintain and grow their operations long‑term. We want RME, given its terrific track record on export, the fact that it's created so many jobs here in Australia and overseas, we want that capability retained in Australia and to grow on it. So, it's very important to emphasise that the investment that is being made by the NRF is about retaining and growing manufacturing capability exactly as we said that it would. 

Now, I think there are other questions, you wanted to start? 

JOURNALIST: On the electoral reform. 

ED HUSIC: Sure. So, you were saying this morning when you were talking about Clive Palmer, that you're not surprised that people with a lot of money, if you want to influence elections, would have a problem with the Electoral Reform Bill. But since you're looking to boost public funding, per vote, is that not pumping more money into campaigns that primarily major players are going to benefit from, and if the intention is to take the influence of money out of campaigns, shouldn't there be less money for everyone to spend? 

ED HUSIC: So, I can understand why you asked the question, but I think the critical component that needs to be borne in mind is we're seeking to cap the amount of money that's spent. So, it might mean that there's a slight increase in public funding available, but overall, trying to take out the influence of truckloads of private money by billionaires trying to determine outcomes of elections, I think Australians don't want to see a repeat of what they see in other parts of the world. So, it is a relative to what we are concerned about, and what I think a lot of Australians are concerned about, the public impact in terms of the public funding pathway is much smaller. 

But again, I think the bigger thing is that with capping, with the electoral reform that we've announced, it is designed to ensure that people can have confidence in the way that elections are run, and that we're not effectively, you know, pouring in truckloads of cash by people who are in very well‑off positions to determine the outcomes of elections. I think that's something that a lot of Australians see as a very common sense and important move. 

JOURNALIST: Minister, just on social media. A Parliamentary Inquiry has stopped short of backing the ban for under 16s. Should the Government reconsider its position? 

ED HUSIC: Look, I might leave specific issues to the Minister for Communications who's managing that. I think governments have a responsibility to consider the impact of technology on people. We want technology to work for people, not against their interests, and particularly for younger Australians, we believe, and I think a lot of parents believe we should do what we can to make people ensure that technology is safe to use and doesn't have harmful impacts. I think the world is grappling with potentially the way that social media algorithms affect so many fields, so we obviously listen to the work of our Parliamentary Committees, but the Minister for Communications will take that feedback on board, no doubt, but I think people are aware of the Government's determination to keep young Australians safe, to make sure that tech companies are accountable for the way they set up their products, and that it sits in line with community expectation. 

JOURNALIST: Minister, we've seen the Prime Minister over in G20 and APEC talk about how Australia potentially could benefit from a change of administration in the US in terms of getting a slice of that green energy, green transition pie that maybe a Trump Administration might push to the table. Do you think that's realistic, and do you think it would require more funding to take full advantage of those benefits in Australia? 

ED HUSIC: You're asking an Industry Minister if he wants more funding for industry. So, I'm going to sidestep that question on the basis of self‑interest. But big parts of your question are highly relevant and do need to be addressed. Most specifically there is a race on to get to net zero. A lot of countries recognise that it also presents, like our country does, a huge economic and employment opportunity as well. Capital, as you know, globally, is free to move around, particularly where there's interest, and especially signal determination by countries. 

Our government has signalled that we think, through the Future Made in Australia framework that we've outlined, that we can mobilise Australian industry to make the things that reduce emissions, create great jobs in the process. We've said that, and that's what we're planning to do. Zero and low emissions technology, targeted by the National Reconstruction Fund, and in due course they'll make announcements about investments in that space, no doubt, and we have other funds as well that are set up. 

So, I think too, if I could emphasise, you know, co‑investment is a big feature of what we're doing. We want funds like the National Reconstruction Fund to act like a magnet for private capital, drawing in private investors, giving a sense of direction and purpose as to what they're doing and that they can make a rate of return as a result. So I think, you know, things will happen, governments will be elected in different parts of the world with different priorities, but there is no doubt when you look globally, everyone is thinking, how can we reduce emissions, generate energy differently, and turn that into an economic and jobs bonanza, and that's certainly what we are thinking about. 

JOURNALIST: Just on international student caps. The Coalition obviously decided not to support the Labor’s current policy to cap places, it’s siding with the Greens and the Crossbench, I think only at this point One Nation is supporting Labor's policy. Has Labor got it wrong? 

ED HUSIC: I just want to emphasise this: you know, Peter Dutton talks tough and acts soft. He said ‑ he said in a Budget in Reply that he would back these type of moves.  Now, before he even goes to an election, he's backtracking on a commitment he made in the Budget in Reply Speech, a very important moment where the Australian public listens to an alternative government and whether or not they're prepared to do certain things. Peter Dutton hasn't even had the opportunity to be elected before breaking his own promises. And I think that needs to be borne in mind. We are determined as a government to bring immigration to pre‑pandemic levels. We have mechanisms, and the Minister for Education already has mechanisms in place to start dealing with it. 

As stakeholders have noted elsewhere, they have said that the Coalition just opposing legislation is not enough, they've got to be able to show what they will do, but it's clear already, Peter Dutton likes talking tough but doesn't like acting when he's needed to, and this is an awful reflection, not only on his cowardice and his inability to back these moves, but it also speaks a lot about the fact that someone will say something one day and change their mind the next, and it's up to him. 

I hear there are already suggestions with Coalition frontbenchers seemingly contradicting what was being announced in just 24 hours. Can we just get one actual position that lasts 24 hours out of the Coalition, 'cause we're not here to muck around on issues of importance, we need them to be fair dinkum about what they actually back and want to do. It is important in a range of different areas when it comes to people making the decision at a Federal Election. 

JOURNALIST: Minister, have you heard anything from your Queensland Government colleagues about their $470 million in PsiQuantum; have they given any indication to you, if they’re still in on the deal? 

ED HUSIC: Look, all I can go by is obviously what has been indicated publicly. Can I just emphasise, you know, it's up to governments, especially new ones, to make calls on whether or not they proceed in certain ways or review decisions, right. So, I respect that, because frankly, that's what we did, okay. But what is clear from the Federal level and from the previous Queensland Government, but particularly from the Albanese Government, we are dead serious about building our capabilities for the long‑term. 

Again, there is a global race to crack quantum computing. The effect of that is to build the most powerful computer on the face of the planet here in Australia using Australian know‑how. Why is that important? Because from industries as diverse as aerospace to pharmaceuticals, to energy, conventional computing can do a lot, but it can only do so much. Quantum computing will burst through that ceiling. And if we get that, we have the eyes of the world turned to us. And so, I know I get a lot of free advice out of the Federal Coalition on this. I don't know why they have a problem with Queensland securing a world‑leading project that can create jobs, supercharge the Queensland economy and make it an attractive place for further investment. 

The Coalition can explain why they don't believe in Queensland's right to get those type of projects. From our point of view, we stand at the ready, regardless of political hew, we want to work with State Governments that are fair dinkum in building manufacturing capability in this country, sharpening our tech edge, and also turning eyes of the rest of the globe towards us, attracting investment dollars. And frankly, if I can just make this point, I think a lot of Australians are tired of the notion that another country finishes off an idea that began in an Australian mind. We can do this. As Dr Russell indicated, we can do what we want when we turn our minds to it, and we think in this race for quantum computing power, that is one of the biggest races in frontier technology, we can get the job done. 

JOURNALIST: You haven't heard any indications from the Queensland Government about their ‑‑ 

ED HUSIC: They haven't signalled anything, and I am signalling back to them our preparedness to work with governments that are wanting to build capability, super charge their economies, create jobs and put us in the forefront of global races on frontier tech. 

SPEAKER: Okay. Thanks everyone.