Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

The mining tax, as I mentioned before, has raised very little revenue. It began life as a $49.5 billion resources superprofits tax and then the people opposite subcontracted out their tax policy. Senator Cameron talks about figures in the mining industry. It was the Labor government that subcontracted out its mining tax policy to BHP, Rio and Xstrata. It then came up with a $26.5 billion estimate that then became $4 billion and to date it has raised $400 million. Off the back of that you promised over the forward estimates $16.7 billion of spending. We have raised $400 million but there is $16.7 billion of spending on schoolkids bonuses, low-income super, small business write-offs, the superannuation guarantee, loss carry-back and the income support bonus. It is spending we cannot afford. (Time expired)