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

I really do thank the shadow Treasurer for that question, because I not only understand the legislation; I support it. Unlike those opposite, we support a resource rent tax. We supported the PRRT and we are supporting the MRRT. In the forecasts, we are forecasting revenue of $9 billion. It is true that we are not providing a refundable credit, such as the refundable credit that was put forward in the RSPT. It is also true that those credits are not transferable. Royalty credits can be used, but they are used as a deductable allowance, and that is how it operates under the law: it is a deductable allowance. It is true that people have described that as creditable, including me in the past, but it is a deductable allowance, and it does not work the way in which the member over there described it this morning. It is deduction from profit—a deductable allowance. We on this side of the House understand the difference between a refundable credit and a deductable allowance.

Mr Dutton interjecting—

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