Ursula Stephens (NSW, Australian Labor Party) Share this | Hansard source

We are debating a series of bills today—the Minerals Resource Rent Tax Bill and a group of cognate bills—which will implement the minerals resource rent tax and extend the petroleum resource rent tax. It is a very important package of bills. We have heard through many thoughtful contributions and some not so thoughtful contributions in the debate here that everyone recognises that the mining boom is delivering tremendous benefits to our nation. We have heard many examples. Senators have recognised and acknowledged the extent to which mining investment is supporting activity in their own states, particularly the Western Australian and Queensland senators, who of course are keen to support mining interests in their states.

But I think every speaker in this debate has acknowledged that the mining boom will not last forever. Resources that are non renewable need to be acknowledged and managed, and we as a nation have to acknowledge and manage that. We all do recognise it and, though the opposition are arguing that the jam jar will eventually be scraped clean and that is a reason for the mining companies not to participate in the minerals resource rent tax, we on the government side believe it is only right that the profits from finite natural resources should be shared among all Australians and not just be reserved for a few.