Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Hansard source

We won't be supporting the opposition's amendment. It is worth noting for all members of this House that the effect of the amendment will be to further delay changes to the petroleum resource rent taxation arrangements. To understand that, we need to understand the history of these amendments. They started way back in 2014, when, under the former government, they commissioned Callaghan to review the arrangements. That review found, unsurprisingly, that they weren't fit for purpose. The government has made it a priority to ensure that Australian taxpayers get a fair share of the resources that are available for now and future generations, and that's exactly what this bill is designed to do.

In the name of splitting the bill, the net result of that will be to delay that taxation benefit to the Australian people—to delay the Australian people getting a benefit from the resources that we all own.

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