THE HON WARREN SNOWDON MP
Member for Lingiari
Minister for Indigenous Health, Rural and Regional Health and Regional Services Delivery
DAMIAN HALE MP
Member for Solomon
Senator for the Northern Territory
2 July 2010
The Member for Lingiari, Warren Snowdon, the Member for Solomon, Damian Hale, and Senator Trish Crossin have welcomed the Gillard Government’s breakthrough agreement with the resources industry on tax reforms that will strengthen our economy, restore certainty, and let the community move forward together.
Mr Snowdon said that this agreement serves Australia’s national interest and a victory for the hard working families of the Northern Territory
“This agreement is a big win for the hard working families and businesses in the communities of the Northern Territory, as well for the national economy – it will keep Australia moving forward.
“Today’s announcement on a new Minerals Resource Rent Tax regime applying to iron ore and coal in Australia means business as usual for existing mining projects in the NT,” he said.
“The people of Darwin and across the Territory– and indeed right around Australia – are entitled their fair share of the resources they own 100 per cent, which can only be dug up once,” added Mr Hale.
“These reforms take the miners’ concerns into account, but not at the expense of that fair share,” he said.
“The agreement struck by the Government will grow and broaden the economy for the long term, but also ensure that our mining sector stays strong,” Senator Crossin said.
The extension of the current Petroleum Resource Rent Tax regime to all Australian onshore and offshore oil and gas projects will affect some existing producers in the Northern Territory. The resource exploration rebate will not be pursued.
Senator Crossin said that while it has been a rugged debate and a tough negotiation, we can move forward together to build the economy for the future.
“I’m thrilled to know that the investments paid for in this package will be delivered, with big benefits going directly to families and businesses throughout the Territory.”
“In particular, I am proud to be part of a government that will inject record investments in superannuation accounts for all workers in the Territory to ensure security and dignity in retirement,” added Mr Snowdon.
This package includes new and better infrastructure and a tax cut and less paperwork for small business.
Among the key reforms to strengthen and secure our local economy are:
- An increase in super from 9 to 12 percent for 8.4 million workers
- $830 million in superannuation concessions for 3.5 million low-income Australians
- $6 billion in new and better roads, rail and ports in mining communities
- A business tax cut to boost jobs and investment, with a head start for small business
- An instant tax write off of assets under $5,000 for 2.4 million small businesses
- A standard deduction making tax time simpler for up to 8.9 million taxpayers
- A 50 percent savings discount benefiting 5.7 million taxpayers
“I am proud to be a member of a government determined that is reforming the tax system to create more opportunities for hard working families and businesses”, Mr Hale said.
Alice Plate 0400 045 999 (Snowdon)
Amy Davis 0409 453 938 (Hale)
Senator Crossin 08 8931 0830