Larissa Waters (Queensland, Australian Greens) Share this | Hansard source

I rise to speak on the Mineral Resources Rent Tax Repeal and Other Measures Bill 2013. The mining tax clearly has its problems, but these problems should be solved by strengthening it, not by ripping it up. When something is broken, you fix it; you do not throw it out. The fact that we must speak today against the repeal of the mining tax is testament to the fact that this government is totally in the pocket of the big mining companies. In fact, it is a wonder that this government does not just abolish the parliament entirely and put Xstrata, BHP and Rio overtly in control of the country, rather than just covertly in control. Only this government would say that we have a budget crisis and then seek to axe a revenue-raising measure. I must have missed that memo which said that black was in fact white. I certainly missed the memo that said, 'Even though the government contends that the mining tax is not working, somehow it is also simultaneously hurting the mining companies.' I clearly missed the memo which said that the government is smarter than all of the expert economists who say that we do need a mining super profits tax. Prime Minister Abbott and his associates must somehow know better than all the experts; perhaps they have attained infinite wisdom somewhere along the way.

Just last week economics editor Ross Gittins pointed out that most of the profits—more than 80 per cent of the profits—generated by the mining industry flow overseas to foreign shareholders. Those profits are not spent in Australia, and that means, of course, that the mining industry adds surprisingly little to the domestic jobs market. Despite the potential of a mining superprofits tax to reinvest the wealth that is generated by mining back into the Australian economy, the all-knowing coalition MPs remain steadfast in their opposition to it. Their stubbornness is an inspiration to mules, to grease stains and to rusted window latches everywhere. Congratulations, guys. Now that the government knows everything and no longer needs to listen to the advice of experts, I look forward to a neoliberal utopia, where the rich get richer and where our children cannot afford to buy a house. I think the mining industry themselves deserve congratulations. Over the past year mining companies operating in Australia have received billions in direct government subsidy and tax concessions. Congratulations, Gina! Congratulations, Clive! Congratulations, Twiggy!