Michael McCormack (Riverina, National Party, Parliamentary Secretary to the Minister for Finance) Share this | Hansard source

This bill repeals the minerals resource rent tax, which is more commonly referred to as the mining tax. The government is reintroducing this legislation in order to meet both our 2010 and 2013 federal election commitments.

This bill removes the former Labor government's failed mining tax and all expenditure linked to the non-existent proceeds of this tax. This bill discontinues or rephases expenditure measures linked to the mining tax by the former government on the expectation that their costs would be met by the proceeds of mining tax revenues. As we now know, the failure of the mining tax to return any meaningful revenue meant the former government had to borrow money to pay for these unsustainable commitments. Updated costings for the bill we are introducing today will—

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