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

The Leader of the Opposition asks us to name some. I draw his attention to the range of financial services companies in Sydney. I also suggest to the Leader of the Opposition that he reflect upon the contributions to this debate by a whole range of corporates, particularly those associated with the financial services sector, who understand one of the impacts of these reforms—namely, that the flowthrough impact on super is to boost the overall supply of national savings for the Australian economy.

Furthermore, can I also say to the member for Groom that the letter he refers to goes on to the question of the impact on earnings for superannuants. Can I draw attention to the fact that the performance of the Australian Stock Exchange, which is one of the principal sources of earnings for superannuants, has outperformed most other bourses across the world. Furthermore, could I say this in response to a debate which has much claim and counterclaim associated with it: before, the Deputy Leader of the Opposition in making her very cogent point to this place referred to the Chilean mining minister, Laurence Golborne. It always pays to do your research, because we have a report from Bloomberg today, which is that they are having a debate on mining tax in Chile as well. It said that Chile’s mining minister, Laurence Golborne, urged the congress of Chile to approve the proposed changes in the mining laws of his country. It also said that the government of President Pinera, which took office in March, is seeking to introduce an optional sliding tax rate on profit and to deliver $700 million in additional revenue next year and in 2012. The bill says that it is very good for the country because it does not hurt investment and allows the government to cash in when economic cycles are benefiting miners. The Deputy Leader of the Opposition—

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