The 2013 Annual Leader’s Lecture was presented on July 3rd at GOMA. It featured the Honorable Mark McArdle, Queensland Minister for Energy and Water Supply as the key note speaker.
Mr McArdle spoke candidly about the supply of energy from Queensland to China from both a political and economic view point. He notes “our economies are dependent on a reliable and affordable energy source.”. However, he was also cautious to add that energy security must be considered in the context of long term planning.
He discussed the history between China and Australia in terms of energy trade and the continued success of that relationship- indeed helping Australia weather the Global Financial Crisis. He stated that China’s economy is rapidly growing and will continue to demand resources for its energy needs. Both economies are underpinned by the need for the security of energy supply. As such the relationship between Australia and China should strengthen.
Energy Security is not just about security of supply. It is about affordability of supply as well. With decreased affordability, the Queensland economic competitiveness will be seriously compromised. However, Mr McArdle does see a strong future for the China-Australia relationship in broadening trade from commodities to technology and professional services.
In his summary Mr McArdle noted that both China and Queensland are now going through periods of economic reform and the success of these reforms will ultimately be largely dependent on how energy security and affordability can be achieved within those reforms.
You can listen to Mr McArdle’s speech via podcast
You can read the transcript