Sue Boyce (Queensland, Liberal Party) Share this | Hansard source

Quite a lot, Yes, we must be over 15 per cent, are we, Senator Carr? It beggars belief that this government would continue in area after area to not give a damn about business and growing business to simply say, 'Wow, $75 million!' Irrespective of what that means as a return on investment, it does not matter. It does not matter if it is a one per cent return on investment or a 100 per cent return on investment, but 'Wow, if it's $75 million, you must be rich. You must be a really rich company, so we'll go and rip some money off you. We'll continue to distort the market even more.' Never mind that mining companies already pay high rates of corporate tax and pay the royalties to the states. Never mind that there is a legal question over whether the federal government can even tax what is state property: the coal and iron ore profits.

The Gillard government mining tax is divisive, complex, unfair, fiscally irresponsible and distorting. It reduces our international competitiveness and was developed through a highly flawed and improper process. It will damage our economy. It will in the long term be the sort of retrograde and extraordinarily inept process that we have come to expect from this government.