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Tuesday, 20 March 2012
Page: 3497

Mining

Mr HOCKEY (North Sydney) (14:44): My question is to the Treasurer. I refer the Treasurer to his statement on ABC Radio National this morning that the $60 billion difference between the original mining tax and the new mining tax is 'grossly inaccurate'. He added, 'We do not do those 10-year estimates.' How does the Treasurer reconcile that spin with this Treasury document which shows a 10-year estimate for the mining tax with a $60 billion hole?

Mr SWAN (Lilley—Deputy Prime Minister and Treasurer) (14:45): Very simply, the former Secretary to the Treasury has made it very clear that Treasury regards those 10-year estimates as being completely unreliable.

Opposition members interjecting—

Mr SWAN: They can protest all they like but they know this because it was a statement made in Senate estimates. The member for North Sydney likes to ignore it, but he has a lot of hide to come in here opposing a resource rent tax—absolutely opposing it, lock, stock and barrel—and then to make all sorts of wild and exaggerated claims about revenue streams. The facts are these—

The SPEAKER: There is no need for the honourable member for North Sydney to come to the dispatch box, as I suspect he is taking a point of order on direct relevance—I am intuitive. The Treasurer will become directly relevant.

Mr SWAN: The shadow Treasurer is asserting that we should have a bigger MRRT after coming into the House and opposing its passage. How hypocritical can you get? The fact is that the former Secretary to the Treasury has made it very clear he does not regard those results as being—

The SPEAKER: Order! I require the term 'hypocritical' to be withdrawn as I am endeavouring to bring about a new tone of civility in the chamber. The Treasurer will withdraw that term.

Mr SWAN: Mr Speaker, I withdraw.

Mr Hockey interjecting—

Mr Albanese: On a point of order, Mr Speaker: I ask the member for North Sydney to withdraw.

Mr Hockey: I withdraw calling him a liar.

The SPEAKER: Do you withdraw unconditionally?

Mr Hockey: I do.

The SPEAKER: I thank the honourable member. He will resume his seat. I am listening to the member for North Sydney but I am not sure on what basis.

Mr Hockey: I seek leave to table the 10-year table from Treasury which the Treasurer, on this morning's radio, said does not exist.

Leave not granted.