Local families win with breakthrough agreement on mining tax

Federal Labor Candidate for Chifley, Ed Husic, today said the Gillard Government’s breakthrough agreement with the resources industry on tax reforms would strengthen our economy, restore certainty to the mining sector, and let the community move forward together.

“This is historic; it is a very big deal,” Mr Husic said.

“What we have today is an agreement that moves Australia forward – it will grow and broaden our economy for the long term, while also ensuring the mining sector stays strong.

“It’s a huge win for our local area and it means big benefits will go straight to hard working families and businesses throughout Western Sydney.”

Among the key reforms to strengthen and secure the 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;

  • 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; and

  • A 50 percent savings discount benefiting 5.7 million taxpayers.

“What this means for our electorate is a super boost, a tax cut and less paperwork for small businesses,” Mr Husic said.

“Record investments in superannuation accounts will give local workers peace of mind, ensuring security in retirement.

“We’re talking about resources which can only be dug up once. The people of Australia own those resources 100 per cent – and they’re entitled to their fair share.

“But it’s also important to strike a balance between that fair share and the concerns raised by the mining sector.

“There is no doubt that negotiations have been tough, but the Prime Minister, Treasurer and Minister for Resources and Energy Martin Ferguson are to be congratulated for their determination and swift action in resolving an issue of national importance.”

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Ed Husic MP
Federal Labor Member for Chifley

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