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

The employment impact in regions of north-west Queensland would be the aggregate effect of what we are doing in terms of (1) the tax systems applied to the mining industry, both for the exploration and for the extraction side of the industry, (2) the tax reform for other businesses operating in the industry or outside the industry, which is a two percentage point reduction in the company tax rate and (3) all the small businesses in Cloncurry to which he refers, who will benefit if they are incorporated by the two percentage point reduction in the company tax and also, significantly, in terms of the $5,000 asset tax break as well.

Taking these things together, the overall impact nationwide is a positive impact on employment in the economy and a positive impact on employment within the mining industry by 7.7 per cent. But the critical thing which I think the House would like to know is the impact of this tax overall. I am advised just now by others, by the way, that Australian mining stocks are now performing better relative to those in Canada. I would just ask people to consider that as a mere matter of fact which the member for North Sydney is not engaged in. Critically, in terms of the member for Dickson, the BHP share price is up 1.5 per cent over the last week. Onya, Pete! You have done the right thing. You have voted your confidence in the government’s overall tax reform in an investment you made two days after the government announced its tax plans. Well done, Member for Dickson.

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