Sussan Ley (Farrer, Liberal Party, Shadow Assistant Treasurer) Share this | Link to this | Hansard source

Mr Speaker, my question is to the Treasurer. Given that the government is preparing to announce changes to the great big new tax on mining, will the Treasurer guarantee that after the backflip he will detail the cost to the budget of revenue changes? Will the Treasurer also advise the House of which spending measures will be abolished as a result of the government’s changes?

Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Link to this | Hansard source

I thank the member for her question because there is one thing I can absolutely guarantee: we on this side of the House will get fair value for the Australian people for the mining resources that we own 100 per cent. We have outlined a framework for that and we are consulting with industry about that. They are very much involved in developing this proposal because they do understand how important it is to modernising our economy and making our economy much more competitive. Those company tax cuts for small businesses and businesses more generally are very important for economic growth in this country and for providing incentive for people who work hard and invest.

That is why we are putting forward those company tax cuts. That is why we have got the $5,000 instant write-off—a fantastic incentive for small businesses to develop and grow. We saw what happened last year through the investment allowance. We saw how that created a pipeline of employment and kept the doors of small businesses open during the impact of the global recession. Everybody has seen what we can do as a country if we are prepared to invest and if we are prepared to put in place good economic and social policies to protect employment, to grow business and to make our country more prosperous. That is what everybody on this side of the House is 100 per cent committed to—a fair share for the Australian people, a resources industry that grows and an economy that is modernised and faces up to the challenges of the 21st century.