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

Once again, we have those opposite standing in defence of the existing taxation arrangements which apply to Australia’s mining industry. The member for North Sydney referred to a statement made by the Treasurer on Sunday in reference to a report that had been put out by the National Bureau of Economic Research. My advice is that is a credible research institute. Secondly, I draw attention to the fact that, when it comes to the combined incidence of both royalties and the company tax rate on mining companies, the government has seen a 50 per cent drop in the share of tax taken from mining company profits over the past 10 years even if you factor in both company tax and royalties. Resource profits were over $80 billion higher in 2008-09 than in 1999-2000. Governments have only collected an additional $9 billion in revenue. These figures speak for themselves. We stand for reforming the system; those opposite stand for the status quo.

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