Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

While this is a government that is absolutely focused on putting in place the reforms that are about securing Australian jobs today and tomorrow, a government that recognises that we do have a patchwork economy, a government that recognises the size of the mining boom but also that there are a great many businesses in this country that are doing it tough, we know that Austra­lia has a wealth of minerals and resources and we know that the boom in resource prices we are currently receiving is a once-in-a-generation opportunity. That is why the government will be introducing the minerals resource rent tax, which is about spreading the benefits of the boom so that the broader economy can benefit.

Let's recall what that tax will fund. It will fund a cut to company tax for all companies, including a head start for small business, a new tax break for small business investment in our regions, particularly in the mineral rich states of Western Australia and Queens­land, and a boost to national savings. This is about strengthening the economy and better preparing Australia to respond to any external shocks. It is a plan to deal with the pressures of the patchwork economy.

It stands in stark contrast to those opposite, who have no plan other than a plan to say no. This is a coalition that is arguing against a tax cut for Australian companies, including manufacturing, that is arguing against a tax cut with a head start for small business, that is arguing against more super­annuation for working Australians and that is arguing against investment in our regional infrastructure. At a time when we see the sorts of profits the resource sector is earning, this is a coalition that wants the mining sector to pay less tax and small business to pay more. (Time expired)