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

The government’s arrangements only cut in when projects become profitable—a simple proposition that even Senator Cash would be able to understand. Our arrangements are actually more efficient and more equitable for the mining industry and they were originally suggested as such by the mining industry for that very reason.

What the Resource Exploration Rebate actually provides is an immediate cash rebate of 30 per cent for eligible exploration expenditure. It is actually a device to assist the industry to meet its payments. Of course, it is only part of the arrangements we have. This arrangement provides essential infrastructure to enable Australia’s resources industry to achieve its full export potential. (Time expired)