Jenny Macklin (Jagajaga, Australian Labor Party, Shadow Minister for Families and Payments) Share this | Link to this | Hansard source

My question is to the Prime Minister. One point three million Australian families will lose the schoolkids bonus because of this Prime Minister's dirty deal with the leader of the Palmer United Party, a cut that will mean a typical Australian family with two kids in school will be $15,000 worse off over the course of their children's schooling. Why is the Prime Minister putting the interests of nine mining companies ahead of 1.3 million Australian families?

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

I understand the shadow minister's frustration because her leader has dealt the Labor Party into complete irrelevance—complete, absolute and utter irrelevance. We went to the election with a very clear policy to abolish the mining tax because it was a bad and destructive tax that damaged jobs, damaged investment and it did not raise any real revenue. What it did do was harm jobs and investment. Not only did we say we would abolish the mining tax but also we were absolutely upfront and absolutely straight with the Australian people that we would also abolish the unsustainable spending that the mining tax was supposed to fund. We were absolutely upfront about this with the Australian people and we were attacked up hill and down dale by members opposite for doing precisely what we have done now. We are prepared to wear the political pain of this because we want to be straight and open with the Australian people.

Labor is in denial about the election result. Labor has dealt itself out of political relevance because of its intransigence. We will work with any members of this parliament who are prepared to work with us to bring about good policy. Even now if members opposite want to work with us, we will work with them, but I tell you what—

Ms Macklin interjecting—

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The member for Jagajaga has asked a question and will remain silent.

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

we will work to put in place strong and responsible policies which do the right thing in the medium and long term for the people of Australia because, if you want to do the right thing by the people of Australia, you will get the budget back into balance. That is what this government is doing.

Steve Irons (Swan, Liberal Party) Share this | Link to this | Hansard source

My question is to the Treasurer. Will the Treasurer outline how getting rid of the mining tax will help to boost investment and to create more and better jobs?

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

I thank the honourable member for the question—I really do—because the mining industry is hugely important to Australia. In the last year's national accounts, mining contributed a full one per cent of around three per cent of growth, about one-third of the growth, which is a significant number. In the June quarter alone, iron ore export volumes reached a record 181.4 million tonnes, which was 28 per cent higher than the same time last year. So in the last three months of the financial year we saw a 28 per cent increase in the export of iron ore. Yesterday I was intrigued to see a tweet from my friend the member for Lilley. He said:

As mining production expands, Australia is now without a profits based tax to collect a decent return for our resources.

He was moaning about the end of the mining tax. In the same quarter that the mining industry increased iron ore export volumes by 28 per cent, the mining tax raised 2½ cents per Australian. That was fantastic! And the Labor Party is still defending the mining tax. I thought: is this real? I asked myself: could this be real? So I went back to the budget of 2012, the one that the member for Lilley was incredibly proud of, where it said:

The core of this Budget is a plan to spread the benefits of the resources boom …

Two and a half cents, Swannie?

Mrs Bronwyn Bishop (Speaker) Share this | Link to this | Hansard source

The Treasurer will address members by their correct names.

Joe Hockey (North Sydney, Liberal Party, Treasurer) Share this | Link to this | Hansard source

Two and a half cents to help families! It went on:

The Minerals Resource Rent Tax … is a historic economic reform which means the benefits of the boom can be invested in Australia's future.

All 2½c! I cannot even hold up 2½c. We do not strike the copper coins anymore. I would have to go to a halfpenny and strike a few of those. They used to be called half-monkeys, but I would need to call them half-Swannies. They would need to be half-Swannies because that is the only way I could distribute 2½c to every Australian.

Yet the Labor Party still believes it is a terrific tax. It raised one per cent—one per cent—of what was expected. Not even the Greeks could do that—come up with a tax that raises one per cent of expectations! The problem was that the worst Treasurer Australia has ever seen committed $17 billion in expenditure against a tax that raised no money. 'Spreading the benefits of the boom'? You give us your 2½c worth. (Time expired)

Bill Shorten (Maribyrnong, Australian Labor Party, Leader of the Opposition) Share this | Link to this | Hansard source

My question is to the Prime Minister. Three-point-two million—3.2 million—small businesses will have the instant asset write-off slashed from $6½ thousand to $1,000 because of the Prime Minister's dirty deal with the leader of the Palmer United Party. Why is the Prime Minister more interested in putting the interests of nine mining companies ahead of 3.2 million small businesses?

Tony Abbott (Warringah, Liberal Party, Prime Minister) Share this | Link to this | Hansard source

This question comes ill from a member of parliament who wants to restore the carbon tax and hit all the small businesses of Australia with a massive hit on their power bills and all the households of Australia with a massive hit on their power bills. This is a government which supports small business, which believes in small business. It is a government which comes from small business, unlike members opposite, who all come from the ranks of union officials and party officials.

As for the measures that the Leader of the Opposition refers to, we are still considering the commencement date for the repeal of those measures and we will have more to say in due course.