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

My question is to the Prime Minister and it refers to the Treasurer's immediate answer. Prime Minister, can you confirm this UBS research report that states that, because of the carbon tax and the mining tax, the net present value of shares is going to drop, thereby affecting the returns for millions of Australian shareholders and investors, particularly superannuants?

Julia Gillard (Lalor, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

I thank the shadow Treasurer for his question. Clearly what he is putting to the parliament is not well believed by the opposition backbench, given how keen they are to keep investing in resources companies. The opposition backbench apparently pays as much attention to the economic advice from the shadow Treasurer as the rest of Australia—which is absolutely none.

The shadow Treasurer, in line with the usual negativity of the opposition, has come in here now trying to talk down the Australian economy and share prices, apparently because of the minerals resource rent tax and carbon pricing. Let's actually go through the facts. The opposition, on some days, comes into this parliament and says, 'You know, the problem with the minerals resource rent tax is it's going to be so big it will be the end of the minerals industry.' Then on other days it comes in here—

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

Madam Deputy Speaker, I rise on a point of order. It goes to relevance. Is the UBS market assessment of mining shares that says that share values are going to drop—

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

The member for North Sydney will resume his seat. If the member for North Sydney had completed its relevance it would have been better.

Anthony Albanese (Grayndler, Australian Labor Party, Leader of the House) Share this | Link to this | Hansard source

Madam Deputy Speaker, on the point of order, under the standing orders relating to disruptive conduct, each and every question by those opposite is followed by a rehearsed point of order from those opposite. It is disruptive conduct and it should be actioned upon.

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

The Leader of the House will resume his seat. If you look up standing order 65, as I have asked many to do on numerous occasions, you might find there are some handy hints for question time for us all.

Julia Gillard (Lalor, Australian Labor Party, Prime Minister) Share this | Link to this | Hansard source

I am asked about prospects for the mining industry with the minerals resource rent tax and I am addressing that. On prospects for the mining industry with the minerals resource rent tax, I was pointing out the contradiction that some days the opposition say it is too big and it will break the industry; on other days they say that it will not generate enough money. The fact that they make both of those criticisms tells you something: that they are just casting around for any reason to try and attack the minerals resource rent tax.

The reason for the minerals resource rent tax is that at this time of our nation's history, with a huge resources boom, with more than $500 billion of projects in the pipeline, it is the right time for there to be some sharing of the wealth with other Australians. We support that and we are determined that Australians see their fair share of the mining boom rather than have it channelled into the pockets of a few, which is the position of the opposition. On carbon pricing, which the shadow Treasurer raises as well, the shadow Treasurer well knows that with carbon pricing we will continue to see economic growth, we will continue to see growth in jobs and we will see our nation address carbon pollution at the lowest possible price.

I know that the shadow Treasurer has had difficulties with these issues in the past—that he has been reduced to tweeting out, begging people to tell him what he should think about important public policy concerns. Well, to the shadow Treasurer who has that inability to analyse public policy issues, let me be crystal clear with him. We are determined to see carbon pollution cut, we are determined to see our nation seize a clean energy future, we are determined to see a growing economy with more jobs, and we are determined to help households with tax cuts, family payment increases and pension increases as well. The shadow Treasurer is determined to mislead and be negative. (Time expired)

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

I seek leave to table the UBS report titled Taxing times, which identifies the loss of share values.

Ms Anna Burke (Chisholm, Deputy-Speaker) Share this | Link to this | Hansard source

The member for North Sydney will resume his seat.

Opposition members interjecting—

The member for North Sydney was asked to his resume his seat. Many of you are ignoring that request. It does actually hold up the parliament. Is leave granted?

Anthony Albanese (Grayndler, Australian Labor Party, Leader of the House) Share this | Link to this | Hansard source

To coin the Leader of the Opposition's favourite phrase: no.

Leave not granted.