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

I thank the member for La Trobe for this very important question. As we saw last week, the Australian economy continues to grow, and this is despite the turbulence we have seen particularly in Europe. We do have a very big investment pipeline in this country. Capital expenditure figures that were out last week showed that business is planning to invest a staggering $164 billion this year, and that is set to increase to $173 billion next year, which is a 28 per cent increase on the estimate last year.

Much of this investment is in resources. We understand that not everybody in our economy is in the fast lane of the resources boom and that there are many companies, particularly small businesses, that are not in that fast lane. That is why we must have the minerals resource rent tax and why we must use the stream of revenue from that tax to give some incentive and some extra lift, particularly to our struggling small businesses that are not in the fast lane of the mining boom. That is why we have brought this legislation out for public consultation and why we will be bringing this legislation to the House for passage through this House and through the Senate—because this will deliver a tax break for hundreds of thousands of small businesses in this country.

What does the Leader of the Opposition have to say about all of this? He says no. He says: 'No, I can't support that. No way could I support that sort of sensible legislation.' Why does he say no? Why is he constantly saying no? Because he believes that Gina Rinehart and Clive Palmer should get a tax cut, not struggling Australian small businesses, so shame on the Leader of the Opposition.

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