Nick Sherry (Tasmania, Australian Labor Party, Minister Assisting the Minister for Tourism) Share this | Hansard source

The government is using—and I have outlined in some detail—what the $11-plus billion in revenue from the mining tax over the forward estimates will be used for. It will be used to boost retirement savings in the form of superannuation and to fund tax cuts for small business and companies. About one-third of the proceeds will be used to fund the tax concessions that follow the increase in the super guarantee, which lifts the retirement income for millions of Australia and cuts the contributions tax for low-income earners. Some 3½ million Australians will receive a tax cut on their superannuation from the mining tax revenue.

On the weekend we had a rare outbreak of honesty from Mr Hockey, the shadow Treasurer. He confirmed that the Liberal-National Party, if they ever get into government, are going to reverse the mining tax. They are going to pass $11 billion in revenue back to the mining companies. And I might say that this $11 billion is tax the mining companies have agreed to pay.

At the same time, the Liberal-National party has to come up with money to make up for the $11 billion in tax revenue they are going to pass back to the mining companies. In order to make up for the $11 billion, they are going to have to increase tax on small business by reversing the new write-off provisions and they are going to have to increase the superannuation contributions tax on the 3½ million Australians who currently pay. Also, the standard tax deduction, which will benefit 6½ million Australians— (Time expired)