The Crest of the Commonwealth of Australia Treasury Portfolio Ministers
Picture of Wayne Swan

Wayne Swan

Deputy Prime Minister and Treasurer

3 December 2007 - 27 June 2013

2 November 2011

NO.134

Joint Media Release with
The Hon Martin Ferguson MP
Minister for Tourism
and
The Hon Bill Shorten MP
Assistant Treasurer,
Minister for Financial Services and Superannuation

Locking in the Benefits of the Mining Boom

Today's introduction of the Minerals Resource Rent Tax (MRRT) legislation to parliament is an important step in the Gillard Government's plan to lock in the benefits of the mining boom and deliver a fairer return from the nation's mineral wealth.

This is an historic reform that will broaden and strengthen the entire economy, and ensure all Australians share in the benefits of the boom.

The MRRT will deliver:

  • A major tax break for Australia's 2.7 million small businesses as well as a cut to the company tax rate for all businesses, large and small;
  • A boost to the superannuation savings of 8.4 million workers, which will increase the nation's pool of retirement savings by $500 billion by 2035;
  • A much needed extra superannuation contribution for our lowest paid workers; and
  • Critical investment in roads, bridges and other infrastructure, particularly in our great mining regions.

Australians know how important the mining industry is, but they also know that we can only dig up and sell the resources once.

The MRRT will help those parts of our economy that aren't in the mining boom fast lane.

Tony Abbott and the Coalition oppose this economic reform and insist that the benefits of the mining boom should not be shared by all Australians.

Mining is a great Australian industry that is continuing to power ahead in full knowledge of the MRRT -; mining companies generated massive profits of $92.8 billion in the year to June and have plans to invest $430 billion to further grow their industry.

The MRRT is central to the Government's plan to spread the benefits of the mining boom to more Australians and lock in the gains for generations to come.

CANBERRA
2 November 2011