Arthur Sinodinos (NSW, Liberal Party, Assistant Treasurer) Share this | Hansard source

I can report to the Senate that your suspicion is indeed right, Senator Eggleston. The mining tax has not been very effective in raising revenue. It was originally claimed that it would raise $49.5 billion when it was the resources super profits tax, which became $26.5 billion just two months later on the eve of the 2010 election as the Minerals Resource Rent Tax. The forecast of revenue has been volatile. In PEFO 2010, the forecast was $26.5 billion over five years. The PEFO released prior to the last election painted a very different picture, with just $4.6 billion over the same five-year period. To date, in net terms it has raised $400 million. The repeal of the tax will actually improve the budget bottom line by $13.4 billion over the forward estimates on an underlying cash basis or $15.1 billion over the forward estimates on a fiscal basis.