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

I am gracious—something many on that side are not. This is true. I am very happy to take the question from the senator. Given his reference to those two interviews, he is obviously talking about revenue projections for the minerals resource rent tax. I am always interested that Senator Cormann is so anxious to know what a tax he will oppose will raise, given that he has already said no, and continues to say no, to everything, including the tax breaks for small business. The government has published the MRRT net estimates in the midyear review released last year, which was $10.6 billion over the forward estimates period to 2014-15. We also have factored into the budget bottom line not only this revenue but the expenditure for the sorts of policies that we have been talking about—the tax cuts for small business, the instant asset write-off, tax cuts for the broader economy, investment through the increase in the superannuation guarantee levy and so forth. Those things are factored into our budget bottom line and that shows a budget surplus in 2012-13. I have a recollection, Senator—and I will come back to you if I am wrong—that you yourself FOIed some working figures from Treasury. I am sure you would be more across that than anybody in the chamber because you FOIed it, if I am correct—if I am not, I apologise.

I would refer you to comments by the former head of Treasury, Ken Henry, regarding 10-year forecasts. He indicated that there was doubt as to whether they were worth producing given that they were simply too unreliable. Dr Henry, of course, advised your government and Mr Costello.