Peter Whish-Wilson (Tasmania, Australian Greens) Share this | Hansard source

Perhaps I can get in a few quick comments in response to Senator Smith talking about it being necessary for mining exploration companies, be they oil and gas or be they other minerals, to have a free ride on behalf of the Australian taxpayer. Having been a stockbroker in a former life, I understand risk return quite well, and I know that most of these companies raise capital from their shareholders and are in a high-risk business. And anybody who buys equity in their shares understands that it is a very large risk-reward pay-off.

Why the Australian taxpayer should be taking that risk on behalf of mining exploration companies is totally beyond the Greens. We see corporate welfare right across the board with the Liberal-Nationals party. Let us have a look at the big picture in the Australian mining industry. We have had accelerated depreciation for capital, material and exploration in place for some time now. We have seen fuel tax credits and the removal of the mineral resources rent tax, which let the big miners off the hook. While we are trying to slug poorer Australians, who can least afford it, we let the big miners off the hook. We have had the carbon price removed—the carbon price that taxes the dirty polluters that are causing externalities that are leading to the rapid demise of our planet, and we have seen fugitive emissions from fuel use. And now, on top of this, we are in disbelief that we are letting high-risk mining explorers off the hook as well by giving them subsidies from the Australian taxpayer.

Let me ask this question: if I go out and explore for gold and 300 metres under the surface I find some rich mineralisation and my share price goes through the roof, do I give that money back to the Australian taxpayer? No, I do not. I buy myself a 50-foot boat, I get a mooring at Rottnest and I live the good life for a long time. I do not give that money back to the Australian taxpayer. So, let's get this straight: no more corporate welfare for the mining industry.

Debate interrupted.