Michael Ronaldson (Victoria, Liberal Party, Minister for Veterans’ Affairs) Share this | Hansard source

I thank Senator Back for his question. I have gone from the sublimely ridiculous today, so I hope there might be a question now from Senator Farrell to finish off a really good day!

The mineral resource rent tax substantially adds to Australia's sovereign risk profile as a business investment destination. This government, as we know, is committed to repealing the carbon tax and to repealing the mining tax. If you look at what those opposite say and if you look at what Mr Shorten, the Leader of the Opposition, has said in the last week, then it actually puts this all into perspective. On no less than five occasions last week in the same interview, Mr Shorten avoided giving a direct answer as to what his position is in relation to the mining tax. There were five occasions and no answers at all.

Instead, we had weasel words from Mr Shorten. He said that the principle of the tax was a good principle, rather than giving an outright commitment. He then went onto Sky News Agenda and said:

In terms of what we do in our policies affecting the resources sector for the next election, we will engage in a dialogue with the resources sector…

Well, he does not need to engage in a dialogue with the resources sector. I can tell you what the resources sector says and that is, 'Get rid of this mining tax and get rid of this carbon tax.'

Indeed, if you would look at what AMEC, the Association of Mining and Exploration Companies, said:

Since the Resources Super Profits Tax (RSPT) and the Minerals Resource Rent Tax (MRRT) were first announced in 2010 …

…   …   …

… Australia's reputation as a safe place in which to invest has been tarnished. Industry confidence has floundered …

The repeal of the MRRT will go a long way to restoring some confidence and much needed investment back into the mining industry.

Mr Shorten does not need to spend the next two years consulting with the mining industry. He needs to do what he should have done some time ago: he should be committing to the repeal of the mining tax and the repeal of the carbon tax.