Kim Carr (Victoria, Australian Labor Party, Minister for Innovation, Industry, Science and Research) Share this | Hansard source

I can indicate—and I hope Senator Williams takes note of this matter—that the modelling says that the replacement of royalties with a superprofits tax will increase the level of investment. It will increase the level of employment. It will increase the level of output. It will increase the GDP of this country by 0.75 per cent and real after-tax wages by 1.1 per cent. The modelling says that this tax means that Australia will be more competitive and will be able to produce a higher quality and a more efficient industry. This is a measure that enhances the economic opportunities for working people right across this country. It is about sharing the benefits of the resources boom so that all Australians get the benefit of what are their assets. These are the people’s assets. (Time expired)