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

What the government is seeking to do is to replace an outdated royalty system with a resource super profits tax which recognises both investment and operating costs and only taxes superprofits. This is a better way to charge for non-renewable resources. This is best international practice, and we are now seeing a number of companies seeking to argue the toss about who should benefit from the resources boom and who should take the profits from the resources boom in such a manner as to deprive the Australian people of what is their proper entitlement.