Andrew Robb (Goldstein, Liberal Party, Chairman of the Coalition Policy Development Committee) Share this | Link to this | Hansard source

My question is to the Treasurer. With regard to the facts, I refer the Treasurer to this statement from the Chairman of BHP just six weeks ago, when he said:

… I cannot overstate how the level of uncertainty about Australia’s tax system is generating negative investor reaction.

…      …   …

… on a global basis we are at the upper end of overall taxation levels. That means we are not competitive …

Will the government now review the impact of its mining and carbon taxes on resources to investigate whether shelving of the— (Time expired)

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

I was asked about the MRRT. The government will absolutely continue to proceed with the MRRT in the form that we agreed with the mining industry. We on this side of the House understand the importance of putting in place a tax such as the MRRT, which makes sure that Australians receive fair value and full value for the resources that they own 100 per cent. We also know that royalties are very inefficient taxes and they penalise many mines which are not as profitable. It is common sense to say that having a resource rent tax where those resources are superprofitable gives a fair return to the Australian people, and for us to spread that right around our community, and that is what the government intends to do.

I have also been asked by the member about the views of BHP on the investment environment in Australia, so I would like to quote from what Mr Kloppers said last night:

The South Australian government, the federal government and all agencies have worked with us to make this a reality. They have been absolutely wonderful partners to have and I cannot put that in more strong terms.

That is what the Chief Executive of BHP said yesterday. I will quote again from what he said yesterday:

… the tax environment for this particular project has not changed at all since we started working on it six or seven years ago.

So it should be pretty clear to those opposite what BHP thinks about the environment. The fact is that they are investing an enormous amount of money in our country, an enormous amount of money.

Andrew Robb (Goldstein, Liberal Party, Chairman of the Coalition Policy Development Committee) Share this | Link to this | Hansard source

Madam Deputy Speaker, on a point of order, the question was absolutely clear and explicit. It was about the President of BHP's statement that we are not competitive. Can you answer that question?

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

I will conclude on this point: investment in the resources sector in this country has been growing strongly. Private sector investment in our economy during our period in office totals $919 billion, and investment as a percentage of GDP is at its highest level in 40 years—all of that in the environment where we have been implementing a resource rent tax and carbon pricing. That indicates enormous faith among the international business community in investing in this country because it is a great place to invest. We have an opposition who want to talk our economy down every day, tell untruths about the economy and junk the economy for their own base political purposes. But the Leader of the Opposition was shown up on 7:30 last night, where he indicated what an ignorant person he was, that he did not care about the facts and that he would say anything and do anything for political advantage.