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

I thank the honourable member for the question. It is important to his constituents in Swan because 4,100 of his constituents work directly in the mining industry. Right across Western Australia, 68,000 work directly in the mining industry. It will be good for Western Australia, and what is good for Western Australia is good for Australia. We want to get rid of the mining tax. We want to get rid of the carbon tax. As the Association of Mining and Exploration Companies, AMEC, said:

The repeal—

of the mining tax—

will go a long way to restoring confidence and much-needed investment back into the mining industry.

The Minerals Council of Australia said the repeal of the mining tax will:

… restore industry confidence, remove a further impost that destroys value in long-term, risky iron ore projects.

One of the best things about repealing the mining tax and its spending is that it saves the budget $13 billion.

Labor left us with $123 billion of deficits. They left us with debt approaching $667 billion. Abolishing the mining tax and its expenditure will improve the budget bottom line. As we know, we should laud the member for Lilley as the great genius who came up with a tax that raises no money! It is a new benchmark in tax incompetence. Not even the Greeks could come up with a tax that raises no money in the face of what they have had to come across. But do not believe me on that. Just over an hour ago Rio Tinto reported to the Australian Stock Exchange that in 2013 there were no mining tax payments included in the $3.157 billion of corporate income taxes paid to the Australian federal government. What a great tax! Rio Tinto paid over US$3 billion in taxes to the Australian government and not one dollar was the mining tax.

What would be the response of the Leader of the Opposition? The Leader of the Opposition said, 'We have no problem with the mining tax in principle.' He is so opposed to the mining tax he is going to keep it, and now he says that it is a great principle to have a tax that raises no money. What a genius! The Leader of the Opposition has no policy platform, because he has no principles. There is no underlying guidance mechanism that can send him in a direction that improves the budget bottom line. I say to the Leader of the Opposition: get out of the way—

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