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

We have published in all of our budget updates and in our budgets our estimates of the revenues. And our estimates of the revenues will be updated in the Mid-year economic and fiscal outlook, which will come out before Christmas. Revenues are affected by a whole variety of factors. They are affected by exchange rates, volumes and production levels—and the list goes on. They are affected by all of those factors and those factors are evaluated when we do our forecasting. They will be updated and published before Christmas. The total revenues will be out there.

We have made it very clear that this is a super-profits tax that will be paid by companies that are super profitable by definition. Most other companies pay company tax. Some of them do not, as we have heard. But they will eventually pay some company tax. But there are plenty of companies out there that are super-profitable and have become super-profitable because our terms of trade are at 140-year highs. We will update all of that in the mid-year economic review and it will be the case that a relatively small number of very large companies will be paying the bulk of the revenue. That is what Treasury officials told everybody at estimates.

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