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Friday, 16 March 2012
Page: 1986

Second Reading

Debate resumed on the motion:

That these bills be now read a second time.

to which the following amendment was moved:

At the end of the motion, add "but the Senate:

   (a)   notes that the Government has not complied with:

      (i)   the order of the Senate made on 1 November 2011, ordering the production of information relating to the cost of all measures attached to the mining tax over the current forward estimates, and

      (ii)   a number of other outstanding orders in relation to mining tax revenue estimates and related assumptions; and

   (b)   declines to consider the bill further until:

      (i)   the Government publicly releases all information it holds relating to:

         (A)   the commodity price and production volume assumptions it has used in respect of its mining tax revenue estimates,

         (B)   the updated estimates of the cost of all measures associated with the mining tax over the forward estimates,

         (C)   the cost estimate of its commitment to credit all state and territory royalties against the resource rent tax liabilities, and

         (D)   the cost estimate of the upfront tax deductions able to be claimed by mining projects subject to the Minerals Resource Rent Tax on the basis of the market valuation method, and

      (ii)   the Senate has passed a resolution that the bills may be listed for debate