Penny Wong (SA, Australian Labor Party, Minister for Climate Change and Water) Share this | Hansard source

It is the case that we on this side of the chamber believe that this is necessary tax reform. We believe this is tax reform which shares more reasonably the proceeds of the mining boom and provides a profits based rather than volumetric tax, which we believe—consistent with what has been put to the Henry review by many participants—is a more economically efficient tax. Our view is that there is also merit in the other aspects of the tax reforms, which include some of those outlined by Senator Sherry today: a reduction in the company tax rate, a more generous taxation regime in relation to small business, as well as a greater share for working Australians through an increase in superannuation.

We do think this is a debate that can be progressed sensibly. We are engaged, as Mr Gray outlined, in sensible consultations with the resources sector. We will continue to do that in a measured and sensible way. We have no doubt that that will not be the approach taken by the opposition, who are determined in relation to any aspect of any policy to run a scare campaign, to run politics—