Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source

and certainly not from the member for Dawson. We are now in this extraordinary position where all of those in the opposition, the Liberal and National parties, believe this fundamental proposition that the mining industry pays too much tax. Can anyone believe that? That is what they believe on that side of the House: the mining industry pays too much tax. We have the terms of trade at 140-year highs and there are record prices for iron ore and coal. It is only fair that, in those circumstances, where the price for these commodities is going to be higher historically, the Australian people receive fair value for the resources they own 100 per cent.

Who would oppose that proposition? The Liberal and National parties. We on this side of the House are determined to see that the Australians who own those resources 100 per cent—and these resources can only be dug up once—get some fair value for them. That is why we are putting in place our rent tax, which, extraordinarily, is opposed by the Liberal and National parties. It is actually supported by large sections of the mining industry, but opposed only in total by the Liberal and National parties in this House—demonstrating yet again just how out of control, how bizarre and how weird they have become in their approach to public policy. How could you oppose the Australian people, when prices are at 140-year highs, actually getting a fair return?

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