Kevin Rudd (Griffith, Australian Labor Party, Prime Minister) Share this | Hansard source

I would also remind the member for Groom of one core fact: 10 years ago, for every dollar which was collected in mining royalties across Australia, $3 went in mining profits. Ten years later, for every dollar collected in mining royalties, now $7 goes in profits.

I simply draw the attention of those opposite to the fact that what we are seeking to do through this reform is two things: providing a fair return for the mining industry on the one hand, but a fair return for all Australians on the other. That is a fair return for those who legitimately expect decent retirement income through better super for workers—people who also expect a better return when it comes to bringing down the tax rates currently being imposed on all Australian businesses, including 2.4 million small businesses. And, thirdly, making it possible for our economy to grow by building the infrastructure Australia needs for the 21st century. That is the underpinning rationale for what we are doing and, in terms of the particular comments from a representative of a particular company which the member for Groom reflects on, I would say to him again: in a debate where we the government are seeking to tax big mining companies more, they are going to object to it and they are going to complain about it and there is going to be a lot of noise about it. That is inevitable. Our responsibility is to make sure these reforms work for the long-term national interest, boost the competitiveness of our companies overall, boost our infrastructure, boost our pool of national savings. We the government intend to get on with the task.

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