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

I thank the senator for the question and acknowledge that today we have seen public statements in support of this policy approach from the member for New England, the member for Lyne and the member for Denison. We welcome their support for this reform, which is about sharing the benefits of the mining boom.

This really is one of those issues that demonstrates the difference in philosophy and priority between this side of the parliament and that side of the parliament. On this side we stand for ensuring all Australians get a fair share from the mining boom in order to spread the benefits and the opportunities. Those on the other side stand for higher profits for mining companies and less tax being paid by miners—that is their position. We want less tax being paid by companies and small business. We want superannuation to be increased and we want spending and investment in infrastructure. This is why more and more people understand that it is important for this legislation to pass.

In recent weeks it has also become clear that it is gradually dawning on members of the opposition that it might be a good idea to support this policy. It has finally dawned on some members of the opposition that their shadow Treasurer has led them up a fiscal dead-end, and the only way they can get out of it is to make $70 billion worth of cuts to health and education, wind back the pension increases, wind back the disability support pension increases and wind back the increases to the family tax benefit. Those on the other side are starting to realise what is happening. As one unidentified coalition member said, 'Joe needs the money.'