Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

I thought you supported Professor Garnaut. He said:

It is the right sort of tax. The Henry review made a strong case and a good case for taxing mineral rent. It is an elegant approach to the taxing of mineral rent.

We go on. Even the banks are saying this. This is what Westpac had to say on 3 May:

The RSPT is a more efficient way of extracting value for both the state and resource companies than a royalty system.

So, in the face of all this evidence, what we now have is an unprecedented, hysterical scare campaign which has been sponsored by those opposite and paid for by the Minerals Council, paid for and authorised by the Minerals Council. There are many commentators who have belled the cat on that. This is what Professor John Quiggin has had to say:

The tax is a good idea and the criticisms we have seen are what you would expect from rent seekers seeking to protect their rents.

I think that describes those opposite. And you had the Secretary-General of the OECD, again, saying:

If you look at these things strategically, of course it is a wise thing to invest in Australia.

Mr John Brogden, the CEO of the Investment and Financial Services Association—not someone from our side of politics—said:

This is a visionary policy. It is visionary for Australia’s retirement outcomes and it is visionary for the Australian economy.

So there is a strong tide of support for this tax in the business community, in the economics profession and among the Australian people. Those opposite are siding with the mining industry against the families of Australia, the workers of Australia and a national retirement savings plan. You hear those opposite claim to stand for families. Phony Tony over there claims to stand for families, but he will not support an initiative like this which will support Australian families. They are happy to see the profits walk out the door and not support Australian families. They should be condemned.

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