Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

'Hear, hear', but where are you going to find the money to replace it? They are doing this at the same time as they are promising tax cuts. The money from the resource rent tax is to pay for cutting the tax on superannuation contributions, cutting the tax on the first $1,000 of savings, reducing company tax to 29 per cent and introducing a new generous depreciation arrangement for small business. Where is the Liberal-National Party going to get the money for those measures if it scraps that tax? The reality is, that is why they have to find some $70 billion in savings—because they have been running around the country saying they will scrap this tax while at the same time wanting to keep the measures it pays for. That is why they need the $70 billion. (Time expired)