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

I thank Senator Sterle. I know he is a strong advocate for the mining industry but also a strong advocate for the rights of Australian people to benefit from it.

The MRRT is a historic reform which will strengthen Australia's economy and benefit all Australians. It will mean, for the first time, Australians will see a fair share of the money raised from the sale of resources that belong to them. These benefits will see 2.7 million Australian businesses get a tax break, they will see eight million Australians get a boost to their superannuation, they will see a further superannuation contribution for our lowest paid workers and they will see investment of billions of dollars in roads, bridges and other critical infrastructure.

The MRRT will apply to highly profitable miners who have benefited enormously from the current resources boom, earning profits of nearly $100 billion in the year to June. What we are saying is that Australians deserve to participate in those record profits. They all deserve to get a share of those profits. The benefits of the boom ought to be spread across Australia, not just to those who have shares in the large mining companies, not just to those who work for them, but to all Australians. It is not unreasonable taxation but a share of the super profits at a time when the resources sector is booming.

Small businesses and working people in this country who are not associated with the mining industry will get a long-term benefit—a benefit to business through reduced tax and a benefit to the workers through superannuation which will allow them to have a larger retirement income. There will be a long-term benefit to all Australians in profiting from the mining boom and sharing in the profits of those mining companies. This is good policy, it is fair policy and it invests in the long-term future of Australia, and I would urge the opposition to get on board with what is important economic reform. (Time expired)