Joe Hockey (North Sydney, Liberal Party, Shadow Treasurer) Share this | Hansard source

My question is to the Treasurer. I refer the Treasurer to his own words yesterday in relation to the mining tax. He said:

The fact is that unused royalties are not transferrable, nor are they creditable.

I refer the Treasurer to the Heads of Agreement he signed with the mining companies that states:

All State and Territory royalties will be creditable against the resources tax liability … Any royalties paid and not claimed as a credit will be carried forward …

Treasurer, if you do not understand your own mining tax, how can we believe anything you say about the surplus? (Time expired)

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