Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Hansard source

Together with the Treasurer, I come from the great state of Queensland, and we are strongly supportive of the mining industry and its future. I am also advised that Dr Henry has rejected the reports of his comments and believes that the resource superprofits tax will grow the mining sector and the economy. I also say to the Leader of the Opposition that if he looked at the independent modelling provided by the Treasury on the impact of the tax measures that we have proposed he would see that they in fact result in an increase in overall activity in the mining sector. I draw his attention to the impact which the petroleum resource and rent tax has had on offshore investment in Australia in the 25 years since it was introduced. I would further draw his attention to the fact that by bringing in the new taxation concessionary treatment for the exploration industry, along with the impact on smaller miners of taxing profits not volumes, the overall activity in the sector will increase rather than decrease.

The fundamental challenges of economic reform for Australia are boosting the competitiveness globally of our economy for the long term, making sure that we are boosting the competitiveness of our businesses and their tax rates—the same for our small businesses—and the various other reforms that will be funded by a resource superprofits tax.

See this speech in context