Mary Fisher (SA, Liberal Party) Share this | Link to this | Hansard source

Mr President, let us add to that enjoyment. My question is to the Minister representing the Minister for Resources and Energy, Senator Sherry. Can the minister explain why the government has failed to respond to the Senate order to produce costings over the forward estimates of the measures associated with the mining tax? Given that the Senate deadline expired two weeks ago, what has the government got to hide?

Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Link to this | Hansard source

I am not sure whether the question should go to me or to my colleague Senator Wong. Nevertheless, the government looks forward to questions on the mining tax. We have already had two questions, albeit from our side of the chamber, on the mining tax. I am attempting to recollect, and you may correct me in the supplementary, but I understand the question without notice went to costings. I think that is what it went to and I am very happy to talk about the revenue that will be raised by the mining tax and the way in which it will be spent. I am more than happy because the last time I was given figures approximately $11 billion was the amount to be raised by the mining tax. The Labor Party is very proud of this measure because it is to build a stronger and broader Australian economy—

Eric Abetz (Tasmania, Liberal Party, Shadow Minister for Employment and Workplace Relations) Share this | Link to this | Hansard source

That is not the question.

Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Link to this | Hansard source

I am not going to go to what was not the question. I am not going to repeat the earlier contribution that Senator Wong and I made in terms of the tax cuts, for example to small business, and the tax cuts to superannuation. I am not going to go to those issues. I do not want to be repetitive. I do want to stay on what I believe and what I recollect is the issue—that is, the $11 billion. The Liberal Party is going to give the $11 billion back to the mining companies who actually want to pay the tax. I find that quite extraordinary. Not only do they want to give the $11 billion back to the mining companies that want to pay the tax in the first place, but they have committed themselves to one of the major expenditure items: the increase in the superannuation guarantee. (Time expired)

Mary Fisher (SA, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a supplementary question. Given that the minister failed to clarify the costing over the forward estimates, can the minister confirm that by 2013-14 the cost of the measures associated with the mining tax will exceed by several billion dollars any revenue that the tax will raise? What is the dollar amount of the shortfall?

Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Link to this | Hansard source

On the underlying assumptions on the costings of the MRRT, we did release the model used for calculating the MRRT revenue under freedom of information on 14 February this year. It is on the website.

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

That is not right. Only the revenue estimates. There is a Senate order you have not complied with.

Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Link to this | Hansard source

I will follow the brief. This is as I am advised: we released the model used for calculating the MRRT revenue under FOI on 14 February 2011. Apparently it is on the Treasury website.

Opposition senators interjecting—

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

He said revenue.

Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Link to this | Hansard source

I said revenue—the MRRT revenue. When it comes to costings, you look at a footnote on page 5-35 of the 2011-12 budget, which presents the MRRT revenue net of deductions for other taxes. That is in the last budget. (Time expired)

Mary Fisher (SA, Liberal Party) Share this | Link to this | Hansard source

Mr President, I ask a further supplementary question. Given that any revenue based on a boom is temporary, can the minister explain how the government will fund the rising costs of meeting its many, many promises associated with the mining tax, especially once it has killed off the boom?

Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Link to this | Hansard source

The thrust of your question is: why are we spending money on a range of programs from the revenue we project to raise from the mining resource rent tax? Well, why did you sign up to the superannuation guarantee increase? Why did the Liberal-National Party sign up to the superannuation guarantee increase, which is paid for by revenue from the mining resource rent tax? Why did you sign up to this measure yourselves if you do not believe the forward estimates in the long term from the mining tax revenue?

Honourable Senators:

Honourable senators interjecting—

John Hogg (President) Share this | Link to this | Hansard source

Order! Senators Wong and Cormann, I am trying to listen to Senator Sherry's answer and you are having a debate across the chamber. There is a time for debating this issue after question time if you wish. I need to listen to Senator Sherry.

Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Link to this | Hansard source

The Liberal Party is in this amazing position. They have signed up to a major expenditure measure that is being funded by the mining tax and at the same time they are saying they are going to scrap the mining tax. You are in a far worse position, if there is a position to be in. You are agreeing with a major expenditure item but you are going to reverse the tax that pays for it. How stupid can you get? (Time expired)