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

Senator, this was the answer I gave you in the first question which you clearly were not listening to. I made the point that, when Treasury considers and updates its estimates, it makes assumptions about how much revenue the tax will collect. It obviously applies the existing architecture of the tax and makes assumptions also about various other factors such as commodity prices and so forth

The whole point of the answer I was giving you is that those factors have been taken into account in the revised MRRT estimates, which of course do reflect a write-down because—surprise, surprise—as the senator should know, being a senator from Western Australia, commodity prices have come off significantly since the budget. When you are in a profit based tax regime, it is unsurprising that it will affect the revenue take.