Deborah O'Neill (Robertson, Australian Labor Party) Share this | Link to this | Hansard source

Will the Treasurer outline for the House the importance of spreading the benefits of the mining boom to all corners of the economy?

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

I thank the member for Robertson for this very important question because later this week all members of the House will have an opportunity to spread the benefits of the mining boom to every corner of our great country. Then we will see who is prepared to stand up for the struggling small businesses of this country: 2.7 million small businesses will be major beneficiaries—those that are not necessarily in the fast lane of the mining boom. Importantly, we will see who is prepared to stand up for eight million working Australians through increased superannuation. We will also see who is prepared to stand up for more investment, particularly in our mining communities.

This is important right now because our mining resources, our mineral resources, can only ever be dug up once. At the moment we are getting record prices for our commodities. Commodity prices are at 140-year highs. Our terms of trade are the highest they have ever been. This is the case despite the fact that there are challenging economic times in Europe and in the United States. Our mining industry is still going well. It is going well because of growth in Asia in the Asian century. That is why we are getting record prices and it is why we must take this once-in-a-generation opportunity to move some of those profits and spread them right across our country, so it means that all Australians can benefit with a fairer return from the mining boom.

It is an economic reform which requires this country to face up to our realities. Those realities are that we must ensure that those very profitable companies who are mining our mineral resources, which we own 100 per cent, give a fair return to the Australian taxpayer. That is exactly what we are doing. I would like to thank those members of the minor parties and crossbenchers and Independents who are prepared to support this very important reform: tax breaks which will go to the benefit of 20,000 small businesses in New England, in the electorate of Lyne, in the electorate of Robertson and in all of the electorates represented by us. We are prepared to get in there and back small business; those opposite are not. But most importantly we are prepared to stand up for working Australians by boosting their superannuation, recognising that through their hard work through their working lives they are entitled to a dignified retirement.

We on this side of the House understand that. As the architects of our retirement income system, we understand the importance of giving people dignity in retirement. We also understand the importance of increasing national savings. Our superannuation pool was critical to refunding our companies during the global financial crisis and the global recession. Building our national savings is part of having a prosperous economy. All of those opposite who are going to vote against the MRRT are voting for higher taxes for small business and lower retirement benefits for Australian workers. That is what they are voting for.

This is a very important day in the history of economic reform in our country, economic reform to increase prosperity. Those opposite can only say no. They do not have one positive idea for the future. All they have is brain snaps and backflips. All they can do is say no; they have no positive ideas. (Time expired)