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

My question is to the Prime Minister. I refer the Prime Minister to the paper he has referred to from Treasury officials which states, ‘The electricity, gas and water industry contributed a mere 0.2 per cent of corporate tax collections in 2004-05,’ which is obviously far less than the mining industry. Prime Minister, given the below average tax rates of the electricity, gas and water industry, according to the paper you referred to, is this sector next in line for a great big new tax?

Simon Crean (Hotham, Australian Labor Party, Minister for Trade) Share this | Link to this | Hansard source

Mr Crean interjecting

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

Order! The Minister for Trade!

Simon Crean (Hotham, Australian Labor Party, Minister for Trade) Share this | Link to this | Hansard source

Mr Crean interjecting

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

The Minister for Trade is warned!

Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

We would hope in this parliament that the man who puts himself forward as the alternative Treasurer of Australia would actually sit down and do some economic work. In the course of the last week we have not seen an economic team at work; we have seen a three-ring circus. The member for Goldstein said that the Leader of the Opposition would answer all questions on the budget and return to surplus. He did not do it. The Leader of the Opposition said that the member for North Sydney would do it. He did not do it. The member for North Sydney said the member for Goldstein would do it. Then the member for Goldstein eventually did it, until his press secretary told him to stop. We welcome a special media award being established in the name of Robbie’s press secretary, because I believe he is a man of direct action, to paraphrase—

Harry Jenkins (Speaker) Share this | Link to this | Hansard source

Order! The Prime Minister will refer to members by their parliamentary titles.

Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

a comment used by the Leader of the Opposition before. The member for North Sydney asked a question about the taxation treatment of utilities in this country. He knows full well that, because of the nature of utilities and the accelerated depreciation on large assets within that sector, it has a particular set of taxation arrangements—anyone knows that—because of the fundamental role utilities provide in the economy for the provision of basic services. The member for North Sydney should listen carefully to what people like Peter Costello have said before, when he said in response to the PRRT that that is the sort of tax on profits we need for this country for the future. That is why he kept it in place, for the entire period that he was Treasurer of the Commonwealth, as a resource rent tax based on profits, not based on volume. Not only did he say that but the former Leader of the National Party, Tim Fischer, said that as well. In fact, those of a reformist bent of mind responsible for economic policy on the benches opposite in times past have stood behind that principle as it goes to the PRRT. John Hewson, a previous Leader of the Liberal Party, has come out in support of the RSPT concept as a new resource tax as it relates to onshore resources, as has John Brogden, the former Liberal Party leader in New South Wales.

It is very easy for the member for North Sydney to stand up and just deliver a scare campaign. That is what they seem to do. But when it comes to core economic reform, the serious contributions of the likes of Peter Costello and others in the past, and the commentary by John Hewson and others formerly associated with the Liberal Party on the proposal now before the nation, it is time that the member for North Sydney actually sat down and did a bit of work rather than just engage in populist low-rent politics.

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

Mr Speaker, I seek leave to table the paper titled Disparities in average rates of company tax across industries, which has at the bottom:

The views in this article are those of the authors and not necessarily those of the Australian Treasury.

Leave not granted.