Barnaby Joyce (Queensland, National Party) Share this | Hansard source

I believe that some of the issues the Greens have brought up are valid and do need addressing. These are the sorts of issues that will be addressed as we go forward in the inquiry. I think there are serious questions as to whether you truly want a carbon sink. This is one of those peculiar instruments about which I have a greater sense of scepticism than I imagine the Greens do. There is a collective communion that, regardless of whether this is what you wish to achieve, you are not going to achieve it.

I am really concerned about some of the advice that has been given in this chamber, especially in the discussions about what a capital deduction is. We now hear that land is not capital. There will be a lot of tax lawyers who are going to be fascinated about that and very perturbed too. There is only capital and revenue. If it is not revenue and it is not capital then what is it? Invisible? There is nowhere else for it to exist.

I understand fully the sentiment of what the Greens are providing here, and I have stated before that the reasons that I will not be voting with them are: firstly, it will be unsuccessful—it will not pass the Senate and it will not pass the lower house; and secondly, it would compromise our capacity to get a Senate inquiry up, which is the best mechanism for ventilating this issue further. I see that the inquiry has been circulated here, as moved by Senator Ronaldson. I am very appreciative of that process going forward—it has taken a bit of heartache, but that is very good. At least Senator Ronaldson has reacted to the issues which have become apparent, and I commend him for that.

Where to from here? I think that, as of right now, the Australian people are awake to this and they are going to be absolutely furious when they find that large coal companies get tax deductions to put up the price of groceries in their shops. I think that is basically what it comes down to. I implore the Prime Minister to show that he has the capacity to work quickly and adroitly on an issue that is before him. Maybe this has gone under everybody’s radar; maybe everybody has missed this one. As it is an issue that is now getting strong public airing, let’s deal with it and fix it up.