House debates

Tuesday, 15 June 2010

Questions without Notice

Budget

2:50 pm

Photo of Martin FergusonMartin Ferguson (Batman, Australian Labor Party, Minister for Resources and Energy) Share this | Hansard source

The member for Groom asks whom I am speaking to. I am talking to people who have skin in the game—people who invest in Australia and who employ people in Australia. That would be a new thing for the Leader of the Opposition, because he has no practical understanding of the importance of investment and business activities in Australia—because he finds economics boring. On that note, I simply say that we as a government are making progress and we will continue to have these discussions, because it is about getting the balance right. This is the balance that is required.

Unlike the opposition, we accept that the Australian community is entitled to a fair return for the opportunity to develop its natural resources—100 per cent owned by the Australian community. We also have a strong view, as does the Australian community, that we are entitled to a fairer share from business for the opportunity of developing those natural resources. This debate is not just about the question of a profits based tax system in Australia but about fundamental change to the taxation system in Australia, including a significant reduction in company taxation. This is of major significance to me as the Minister for Tourism, because tourism is an industry principally made up of small- and medium-sized business opportunities, quite often in regional Australia.

The government will continue to engage in these constructive and productive processes. We are about putting in place an appropriate outcome. I assure the Australian community that there will be a profits based system in Australia that is accepted by industry. And so it should be, because that is what they have argued for, long and hard. When it is all over, we will end up with a system that is fairer for Australia and balanced for industry. The only people that will stand in opposition will be the Leader of the Opposition and the coalition party room—just like they opposed our activities during the global financial crisis to maintain the strength of the Australian economy and minimise the impact on families through maintaining the best possible employment opportunities for the Australian community. We will continue, despite the endeavours of the coalition to run a fear campaign, to have these constructive discussions because this is about the long-term best interests of Australia. That is what governs the Australian government, unlike the self-interest which governs the other side of the House.

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