Mathias Cormann (WA, Liberal Party, Shadow Assistant Treasurer) Share this | Hansard source

Mr President, I ask a supplementary question. I refer the minister to the 1½ pages of the minerals resource rent tax heads of agreement, signed by the Prime Minister, the Treasurer and the Minister for Resources and Energy, and the three managing directors of three big mining companies which says:

All State and Territory royalties will be creditable against the resources tax liability … Any royalties paid and not claimed as a credit will be carried forward at the uplift rate of LTBR plus 7 percent.

How come the Minister for Finance and Deregulation is not aware of the significant cost? (Time expired)