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Mining tax passes lower house -

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(generated from captions) see me in London... Those

stories shortly. First, just

before 3 am today the mining Government Representatives. The tax bill passed the House of

Government is hailing it as

sharing the benefits of the

boom. The deal was sealed when

Labor agreed to a demand by the

Greens. Shortly, 7.30

political editor Chris Uhlmann

will be joined by Greens leader

Bob Brown to discuss just what

the compromise involved. First

to the day in Parliament where

the Government celebrated and

the Opposition's blood pressure

rose. Because we've got in Monti thy pie. What are the

romance done for us. What are

the mining industry done for

us. We're just going flat out

towards the ground. There's no-one running this show. The morning after morning after the night before. It is pan ammonium

palace. Barnaby Joyce railed

against the bill that cleared

the house. The Parliament

having passed 250 pieces of

legislation, I move that that

the house do now adjourn. It

as the was an agonisingly slow ordeal

as the house divided 32 times

and tempers frayed. This

still the sitting of the 22nd

the and anybody that was warned on

the 22nd remains warned. The

final hurdle was cleared in a

late night deal with the

Greens. That party had baulked

a ate government supported

amendment from independent

Andrew Wilkie that lifted the

rate at which the tax cut in

and cut the revenue by about

$20 million a year. I would

like to tell you what like to tell you what that

offsetting revenue measure is

but the Government has said

that they'll make that announcement in the next

of days. With a new day came

some clarity. The $100 million

lost over five years would be

by plugged with $140 million saved

by delaying for a year

cut on mine transfers between

foreign banks and their Australian branches. The Government has decided Government has decided to

action a modest savings

measure. We had it in

contemplation in the course of

preparing for the mid year

economic and fiscal outlook.

The mining tax will raise $11 billion over four years and

fund a list of promises from

the tax concessions that come

with lifting compulsory superannuation savings from 9

over to 12%. That will be phased in

over 7 years and increase super

savings by $550 billion by

2035. What we must do is to

spread the benefit of this boom to

to every corner of our country. The Opposition is

unmoved. The Government rammed this thing through the Parliament in the dead of night Parliament to have the full

facts. The support of the

Greens was bought by a secret

deal. And the tax faces hurdle next year. This tax is

now a pale shadow of what it