The Minister for Resources and Energy, Martin Ferguson AM MP, has told the Melbourne Mining Club that the job of government is to focus on micro-economic reform to help Australian business prepare for economic recovery and promote investment in Australia's gas and mineral resources.
Minister Ferguson said: "Productivity growth has been in decline since the start of the decade, grinding to a halt in 2007, the last year of the Howard Government.
"Preparing for recovery means reversing that decline.
"Australia's recent mining boom was fuelled by increasing commodity prices. I want to ensure that when growth inevitably returns in China, India, the Middle East and in our more traditional OECD markets, Australia's resources companies are in a position to boost production and take full advantage.
"The Government is already investing in strategic infrastructure to alleviate key export bottlenecks via the Building Australia Fund so that the next boom can be built on production and productivity, rather than just price growth."
"Our role in the present economic climate is to deliver micro-economic reforms that get rid of red tape, reduce the cost of regulation, simplify the tax system, and get the balance right between taxation of production and consumption, investment and savings.
"It is to work with the international community to strengthen financial institutions and governance, to promote open, transparent global markets, and to strive for global agreement on climate change policy.
"And it is to invest in our productive capacity for the future - in the education, skills and training of our people, in innovation, and in economic infrastructure such as roads, rail, ports and telecommunications."
Minister Ferguson said that the companies which have the foresight to prepare now for the inevitable return to global growth will be in the best position to reap the rewards which will follow once growth returns in our major markets.