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House of Assembly - Fifty-Second Parliament, First Session (52-1)
2010-05-11 Daily Xml
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MINING SUPER TAX

Mr WILLIAMS (MacKillop—Deputy Leader of the Opposition) (15:33): My question is to the minister for employment. What impact will the new federal mining profits tax and proposed increase to state mining royalties have on South Australian jobs, and can the minister table the government's modelling on those impacts?

The SPEAKER: The Treasurer.

Members interjecting:

The SPEAKER: Order! Could the Deputy Premier answer the question, please?

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Federal/State Relations, Minister for Defence Industries) (15:34): It was only in the context, Madam Speaker, that what work is being done is currently being coordinated by the chairman of the Economic Development Board, Mr Bruce Carter. He is reporting to me and the mining minister in terms of the impacts, and we have not yet assessed what, if any. The critical issue in all of this in terms of the resource rent is this: it is not the federal government's intention to see the mining sector disadvantaged in a way that investment contracts.

Now clearly, if the commonwealth government's tax appears to have that impact in some areas, I am very confident that it will work to ensure that the tax is modified or the design and structure of the tax is modified so that those events don't occur. In fact, the modelling done by the Reserve Bank of Australia (and I think KPMG) in aggregate terms sees an increase in mining activity in the nation as a result of this tax because smaller mines that otherwise would be paying a tax through an 'ad valorium' system—

The Hon. P.F. Conlon: Ad valorem.

The Hon. K.O. FOLEY: Ad valorem—I call it AV but, for the purposes of the uneducated, I will call it 'ad valoria', is it?

The Hon. P.F. Conlon: Ad valorem.

The Hon. K.O. FOLEY: Ad valorem.

Members interjecting:

The Hon. K.O. FOLEY: Latin wasn't one of the core subjects at Royal Park High School, I can assure you; we struggled with English. Madam Speaker, I've forgotten the question.

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