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

Yes, Mr Speaker, I withdraw. The untruths that have been put forward by Fortescue have now been exposed at a parliamentary committee in this House. Fortescue went around and said they were a small miner and they expected to pay the tax. When they turned up here they admitted that they would not pay the tax and they also admitted that they have never, ever paid any company tax. So their opposition has been based on the fact that they do not want to pay any tax.

The effective tax rates paid by miners are lower than the statutory rate, and there is a legitimate reason for that. Because mining is very capital intensive they get a lot of deductions, and that means that in the early stages successful miners do not necessarily pay their company tax. I am not saying that there is anything wrong with that at all. What I am saying is that, when there are super profits that are unexpected, the Australian people should get a share of those for the mineral resources they own 100 per cent. And guess what? The mining industry actually agrees with that—except Fortescue, who act in their own interests and not in the national interest.

See this speech in context