Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

It will not surprise the chamber to hear me say that the government will not support the proposed amendment from the Labor Party. It is just another delaying tactic by the Labor Party in a desperate attempt to keep in place a failed tax which has hurt the economy, which has hurt investment in the mining industry and which has hurt the capacity for Australia to create more jobs so that people across Australia can get ahead. This mining tax repeal bill has now been debated for 33½ hours. This is now three hours more than the previous government spent on the whole debate putting the mining tax in place in the first place, with all of the associated measures attached to it.

I thank the Senate for their support today in helping to facilitate the efficient passage of this legislation, because it will help us build a stronger, more prosperous economy. It will help us create more jobs, because—guess what?—a strong mining industry, despite Labor's and the Greens' attacks on the mining industry, a strong mining industry is good for Australia, is good for the Australian economy and is an important part of generating more jobs so that young people across Australia can have more opportunity to get ahead.

The agreement that the government has reached with crossbench senators, led by the leader of the Palmer United Party, Mr Palmer, does secure the retention of the schoolkids bonus until after the next election. We have been quite transparent about the fact that it secures the retention of the schoolkids bonus on a means tested basis until 31 December 2016. Of course, at that time, after the Australian people have spoken, it will be up to the next parliament and to the next government that is elected at the next election to determine how to proceed from there on in. The Labor Party are free to go to the next election promising that they will keep the schoolkids bonus beyond 31 December 2016, that they will keep the low-income super contribution beyond 30 June 2017 and that they will keep the low-income support bonus beyond 31 December 2016. The Labor Party are free to do this, and the Labor Party are free to say in the lead-up to the next election that, if elected, they will reintroduce the mining tax.

Senator Lines interjecting—

I am sure that Senator Lines in Western Australia will go and campaign for that particular policy. Let me make a few comments in relation to compulsory super increases—something which is clearly not understood by the Labor Party today but which is very clearly understood by Senator Lazarus and the Palmer United Party—and that is that increases in compulsory super do not come out of thin air. They come out of people's own pockets. They come out of people's wages.

Opposition senators interjecting—

You know what, don't take my word for it, because this is what Mr Shorten, the Leader of the Opposition, himself used to say when he was the Minister for Financial Services and Superannuation. All of a sudden they have all gone quiet!

I table a series of quotes from then Minister Shorten, where he very clearly says that superannuation guarantee increases come out of wages. The agreement that we have reached with the Palmer United Party, the Liberal Democrat, the Australian Motoring Enthusiast Party and Family First—in the division just now it was supported by the Democratic Labour Party too—is a good agreement, because it achieves the right balance