Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

There are a number of aspects to that question but, in relation to the first and primary question, as I think the chamber will know and as Senator Brown will know, the government has made clear its view about the shape and nature of the minerals tax, which will be presented to the parliament. It will be as was indicated prior to the election and as agreed in consultation with the industry.

But there are other aspects of Senator Brown's question which are very on point and they include the fact that this is one of the ways in which a government that is focused on the future can use the benefits of the mining boom to alleviate competitive pressures on other parts of the economy. Let us recall that the minerals tax will be used, amongst other things, to help fund reductions in the company tax rate, with a head start for small business; to invest in regional infrastructure, to alleviate bottlenecks; and to increase superannuation. It is extraordinary that those on the other side, who claim to care about manufacturing and who claim to care about the non-mining sectors of the economy are actually opposing a tax that many sectors of the mining industry itself have said they are prepared to pay. This is a key policy to deal with the patchwork economy and those on the other side are doing what they do best—saying no and talking down the economy. So anybody who is under any illusion that the coalition have any vision as to how to manage an economy in transition, a mining boom, massive mining investment, with all the pressures that that brings on the non-mining sectors, they only need to look at their policy when it comes to the minerals tax, a reduction in the company tax rate and a reduction in the tax rate for small business and they will see that all they want to do is say no.