Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

The government’s new tax reforms are about making Australia a more attractive place for investment, and that includes a more attractive place for investment in the resources sector. We will have a company tax rate falling from 30 per cent to 28 per cent from 2013-14. We will have a resources super profits tax that only taxes projects when they become profitable, not on what they produce. We will have a resources exploration rebate that will provide an immediate cash rebate of 30 per cent for eligible exploration expenditure.

But that is only part of the resources super profits tax and what it is all about. It is also about providing essential infrastructure that will enable Australia’s resource industries to achieve their full export potential, starting with a $700 million investment in the period 2012-13. It is also about sharing the rewards of the resources boom so that all Australians get a return from the exploration of this non-renewable resource. It is about equity and it is about social justice. The reality is that it is about the Australian community— (Time expired)