Elizabeth Watson-Brown (Ryan, Australian Greens) Share this | Hansard source

Big mining corporations are raking in obscene profits by selling off resources that belong to all Australians. What do we get back? Next to nothing. Over the last decade, mining giants have extracted $634 billion worth of Queensland's resources. You'd think that would mean well-funded hospitals, schools and public services, right? Wrong. These corporations have only paid nine per cent in royalties. That's crumbs compared to the billions they've pocketed. It gets worse. Ten of the biggest mining companies in Queensland pay zero corporate tax. These resources are ours. Mining companies pay royalties for the privilege to dig them up, but they do not own them. We do.

Look at Norway. They collect 55 per cent of gas and petroleum revenues for Norwegians' benefit. Here in Australia we collect a measly three per cent. Even Texas, of all places, charges 25 per cent royalties on coal and gas. Qatar exports roughly the same amount of LNG that we do, and yet they collect six times more revenue than Australia. It's Robin Hood in reverse. The government lets these massive mining companies take our resources for basically nothing. These corporations hoard the profits, often in overseas companies. Take a look at our gas exports. Australians have missed out on $13 billion of royalty revenue in the last four years because the government gave it away for free. In terms of gas, we only collect royalties from the North West Shelf. All other offshore gas projects are free game. If you're mad, you should be.

Here's the kicker: right now schoolteachers are paying more in income tax than the entire oil and gas industry. In the last 10 years, Australian teachers have forked out an average of $9.5 billion a year in tax. What about the oil and gas industry? They've forked out a measly $4.6 billion in petroleum resource rent tax. The government pretends it can't afford to properly fund public education, but it's happy to squeeze the teachers while letting the richest and dirtiest corporations off the hook.

Here in Australia the government is giving massive mining companies a free ride while everyday Australians are expected to scrimp and save and break their backs to pay for the bare minimum, like dental care or university fees, which just keep climbing. In fact, the government collects more from HECS payments than it does from the PRRT. We have a system that demands that teachers, who are absolutely vital to our children's futures, pay thousands of dollars for their degrees, work for less than minimum wage during placements and then face underfunded and overcrowded schools. On top of all of that, their profession ends up paying more tax than the oil and gas industry—an industry that is actively harming our kids' futures. Make it make sense.

Australians are subsidising the fossil fuel industry with their hard-earned tax dollars and they're getting nothing in return. In the last year, governments across Australia have handed out $14.5 billion in subsidies to fossil fuel companies. That's the equivalent of almost $30,000 of our money every minute of every day. It's time these corporations paid their fair share. In Queensland we can raise mining royalties to 35 per cent across the board. That could raise $61 billion over four years, even as we transition away from fossil fuels, to fund the future, to fund renewable energy and to fund the things that all Australians need to have a good life. Just stop giving handouts to mining corporations that squander our future, and, instead, fund public schools, fund GP and health clinics and fund social and affordable housing.

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