House debates
Monday, 21 November 2011
Bills
Clean Energy Bill 2011, Clean Energy (Consequential Amendments) Bill 2011, Clean Energy (Income Tax Rates Amendments) Bill 2011, Clean Energy (Household Assistance Amendments) Bill 2011, Clean Energy (Tax Laws Amendments) Bill 2011, Clean Energy (Fuel Tax Legislation Amendment) Bill 2011, Clean Energy (Customs Tariff Amendment) Bill 2011, Clean Energy (Excise Tariff Legislation Amendment) Bill 2011, Ozone Protection and Synthetic Greenhouse Gas (Import Levy) Amendment Bill 2011, Ozone Protection and Synthetic Greenhouse Gas (Manufacture Levy) Amendment Bill 2011, Clean Energy (Unit Shortfall Charge — General) Bill 2011, Clean Energy (Unit Issue Charge — Auctions) Bill 2011, Clean Energy (Unit Issue Charge — Fixed Charge) Bill 2011, Clean Energy (International Unit Surrender Charge) Bill 2011, Clean Energy (Charges — Customs) Bill 2011, Clean Energy (Charges — Excise) Bill 2011, Clean Energy Regulator Bill 2011, Climate Change Authority Bill 2011, Steel Transformation Plan Bill 2011, Australian Renewable Energy Agency Bill 2011, Australian Renewable Energy Agency (Consequential Amendments and Transitional Provisions) Bill 2011, Excise Tariff Amendment (Condensate) Bill 2011, Excise Legislation Amendment (Condensate) Bill 2011, Trade Marks Amendment (Tobacco Plain Packaging) Bill 2011; Returned from Senate
3:06 pm
Wayne Swan (Lilley, Australian Labor Party, Treasurer) Share this | Hansard source
We have published in all of our budget updates and in our budgets our estimates of the revenues. And our estimates of the revenues will be updated in the Mid-year economic and fiscal outlook, which will come out before Christmas. Revenues are affected by a whole variety of factors. They are affected by exchange rates, volumes and production levels—and the list goes on. They are affected by all of those factors and those factors are evaluated when we do our forecasting. They will be updated and published before Christmas. The total revenues will be out there.
We have made it very clear that this is a super-profits tax that will be paid by companies that are super profitable by definition. Most other companies pay company tax. Some of them do not, as we have heard. But they will eventually pay some company tax. But there are plenty of companies out there that are super-profitable and have become super-profitable because our terms of trade are at 140-year highs. We will update all of that in the mid-year economic review and it will be the case that a relatively small number of very large companies will be paying the bulk of the revenue. That is what Treasury officials told everybody at estimates.
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