Chris Evans (WA, Australian Labor Party, Leader of the Government in the Senate) Share this | Hansard source

I thank Senator Sterle for his keen interest in the mining industry, particularly in our state of Western Australia. I am pleased to report that today the government has taken the next step in implementing resource taxation reforms that will deliver benefits for all Australians. The Treasurer and the Minister for Resources and Energy have announced that the government has accepted all of the recommendations of the policy transition group, chaired by Mr Don Argus. The group was established last year to consult with industry and advise government on the implementation of the proposed reforms.

The group’s 98 recommendations provide a balanced package that ensures Australians receive a fair return from our mineral resources while maintaining Australia’s international competitiveness in the sector. These important taxation reforms will deliver a cut in company tax for all companies, an instant tax write-off for 2.4 million small businesses, a $6 billion investment in regional infrastructure, a boost to superannuation for 8.4 million Australians and superannuation concessions for 3.5 million low-income earners.

Today marks the completion of the policy design phase of the tax. We will now embark on the legislative phase and we will continue to work closely with industry and consult on the draft legislation. The legislation will be released for public consultation by the middle of the year, with us looking to have the legislation in the parliament later in the year. These reforms mean that every Australian will benefit from the development of our non-renewable natural resources. Our actions will ensure that not just the Australians of today but also the Australians of tomorrow will benefit from the resources boom. This is a good outcome for industry and it is a good result for the nation, not just for the resource-rich states but for the whole nation, and allows all Australians to benefit from the boom in the mineral resources sector.