Mathias Cormann (WA, Liberal Party, Shadow Assistant Treasurer) Share this | Hansard source

And here we are now. We have Prime Minister Gillard sitting down with the three biggest mining companies, BHP, Rio and Xstrata, exclusively and in secret, to negotiate the design of the new tax. This was done exclusively and secretly with the three biggest taxpayers. Their competitors were excluded from the process and the state and territory governments were excluded from the process. The tax was designed in a way that meant those three big mining companies will not end up paying any tax. It will ensure that the whole burden is put on the smaller local miners. Let there be no doubt: the Gillard version of the mining tax is a bad tax from a bad government and it came out of a bad process.

Let us remind ourselves how this all started. It all started with the Henry tax review, which was supposed to be a once-in-a-generation opportunity for root and branch reform of our tax system. The Henry tax review was supposed to deliver a simpler, fairer tax system, whereas the Gillard version of the mining tax gives us a multibillion dollar new tax that is manifestly more complex and less fair.

And there are serious question marks about the revenue that will be raised from it. The Senate, with the support of the Greens, I concede, has ordered the government to provide information about the mining tax revenue estimates. For the last 12 months we have been trying to get information from the government about their mining tax revenue estimates. What does the government say to us? It is secret information. You cannot have it. And do you know what they also say? 'Oh, it is commercial in confidence, because it is based on information provided by the three big miners with whom we have sat in secret negotiations.' So not only are the three big miners the only ones allowed to design the tax, to suit their needs, but also they are the only ones allowed to know the information about the mining tax revenue estimates. Not only is the Gillard government doing a cosy little deal with the big three mining companies so they do not have to pay any tax—they are completely cobbled by them—but the companies are the only ones allowed to know the revenue estimates. I call on the Greens to ensure that they force this government to come clean about the information on the revenue estimates, which they continue to try to keep secret.

We then have the cost of all of the promises that Labor have made and attached to the mining tax. Labor are very good at spending, they are addicted to spending, which is why they have to come up with ad hoc tax grab after ad hoc tax grab. Rather than going for genuine tax reform they have to go for the lazy grab for cash. This lazy grab for cash is being imposed on the mining sector, but they have already attached all of these promises to it. Not only have they attached a plethora of promises to it but the promises will cost significantly more than the revenue the mining tax is going to generate. Here you have another $40 billion tax that will leave the budget worse off. Only the Labor Party can come up with multibillion dollar new taxes that leave the budget worse off. And guess what? The Senate—again, I concede, with the support of the Greens—told the government to provide us information about the costing of all of the promises made. You have to provide the costings at least over the forward estimates so that we can assess the true fiscal impact of your mining tax package.

Guess what? The government, with absolute contempt and with absolute arrogance, ignored an order of this Senate to provide the detail about the costings of all the promises attached to the mining tax. And guess what? There is an opportunity for the Greens to join with the coalition to enforce some openness and transparency on this government. This is a fiscal train wreck in the making and the government knows it, which is why it is going for cover-up and secrecy and why, of course, we are getting this dodgy, secret little deal behind closed doors without being prepared to put openness and transparency and sunshine in this place.

Let me finish by correcting this latest lie which Senator Wong has tried to perpetuate again. The superannuation increase is not funded through the mining tax. The superannuation increase will be funded by working families across Australia— (Time expired)