Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

Yes, $2.5 billion, Senator Minchin, is under threat. The impact of the tax will simply lower the profits of the producers of condensate from particular areas who have benefited substantially from the recent large increases in crude oil prices. The Australian community expects a fair share—and should receive a fair share—of the recent substantial increases in the price of this non-renewable resource. The budget must be passed in full by 1 July or the surplus will begin to fall by $284 million. That will put upward pressure on inflation and upward pressure on interest rates and all because of the irresponsible Liberal-National Party senators opposite.