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

I seek leave to amend general business notice of motion No. 498 standing in my name for today, proposing an order for the production of documents on the minerals resource rent tax and estimated related expenditure, before asking that it be taken as formal.

Leave granted.

I thank the Senate. I amend the motion by omitting the words 'by 5 pm on Thursday, 3 November 2011' and substituting the words 'by noon on Tuesday, 8 November 2011'. I move the motion as amended:

That there be laid on the table by noon on Tuesday, 8 November 2011:

  (a)   for each of the following measures linked to the MRRT [Mineral Resource Rent Tax], the estimated budget expenditure and/or revenue foregone for each of the financial years from 2011-12 to 2014-15 inclusive:

     (i)   superannuation guarantee increase (from 9 to 12 per cent),

     (ii)   superannuation tax rebate for low income earners,

     (iii)   50 per cent discount on interest income,

     (iv)   increasing concessional contribution caps for over 50s,

     (v)   phasing down interest withholding on financial institutions,

     (vi)   early company tax cut for small business,

     (vii)   small business instant asset write-off,

     (viii)   standard deduction for work related expenses,

     (ix)   lowering company tax rate, and

     (x)   regional infrastructure fund;

  (b)   for each of the measures listed above the methodology used for projecting these costs in 2013-14, 2014-15 and over the medium- to long-term, including (but not limited to) actual uplift/up rate factors for wages, prices and any other relevant factors;

  (c)   the methodology used to project the cost of the proposed superannuation guarantee increase at $3.6 billion in 2019-20, as cited in the 2010-11 Budget, Budget paper no. 2, p. 42; and

  (d)   Treasury's assessment of the impact on estimated MRRT revenue for the period 2012-13 to 2014-15, and if available beyond, of state and territory government decisions taken since the release of the 2011-12 Budget to change royalty arrangements in relation to iron ore and coal.

Question agreed to.