Senate debates

Monday, 19 March 2012

Bills

Minerals Resource Rent Tax Bill 2011, Minerals Resource Rent Tax (Consequential Amendments and Transitional Provisions) Bill 2011, Minerals Resource Rent Tax (Imposition — General) Bill 2011, Minerals Resource Rent Tax (Imposition — Customs) Bill 2011, Minerals Resource Rent Tax (Imposition — Excise) Bill 2011, Petroleum Resource Rent Tax Assessment Amendment Bill 2011, Petroleum Resource Rent Tax (Imposition — General) Bill 2011, Petroleum Resource Rent Tax (Imposition — Customs) Bill 2011, Petroleum Resource Rent Tax (Imposition — Excise) Bill 2011, Tax Laws Amendment (Stronger, Fairer, Simpler and Other Measures) Bill 2011, Superannuation Guarantee (Administration) Amendment Bill 2011; Second Reading

7:58 pm

Photo of Nigel ScullionNigel Scullion (NT, Country Liberal Party, Deputy Leader of the Nationals) Share this | Hansard source

I rise to make a contribution to the debate on the Minerals Resource Rent Tax Bill 2011 and related bills. Usually in this place we look at most legislation and we pass a standard rule over it—is this going to strengthen and grow industry, create jobs, increase our reputation as a country with low sovereign risk and perhaps tax Australians equitably and then invest back in things that improve our nation's society or our economy? Those are the principal elements of motivation in these matters. Sadly, I have to say that I am not sure that is the case with this particular piece of legislation, so let us have a look at what has actually motivated this tax.

We have to look no further than the history of the government's handling of the economy. It inherited $40 billion and managed to convert that fairly swiftly into $130 billion in debt. This government managed to take a perfectly good economy and scrap it. It has had a pretty good turnaround—a $170 billion turnaround in the economy's fortunes.

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