STATEMENTS BY SENATORS

Senator O'SULLIVAN (Western Australia—Deputy Manager of Opposition Business in the Senate) (13:56): Last week, this Labor government rammed through some of the worst tax changes that we have ever seen in this chamber. These are taxes that punish investment and discourage Australians from acquiring capital. These ridiculous tax changes are taxes on aspiration.

In my home state of Western Australia, the changes to capital gains tax are a serious threat to the mining industry. This is unbelievable. While the government offered concessions for innovative startups, it denied the same treatment to mineral investments despite junior mineral explorers facing the same high-risk high-reward profile.

The importance of the mining sector to Western Australia and our national economy cannot be overstated. Even Labor's comrades in Western Australia travelled to Canberra last week to argue the state's case. Premier Roger Cook warned that the Labor government should not 'mess with success' in our resources industry.

Even the treasurer, Minister Saffioti, stated: Resource exploration companies are the original start-ups that go on to contribute billions of dollars to our state and national economy. Labor's own party mates agreed that it makes no sense at all to discourage the investment that keeps our economy growing. If these taxes were bad enough to be rewritten at the eleventh hour, then they would be bad enough to scrap altogether; instead, this Labor government cut a dirty deal with the Greens and has bitten the hands that feed our economy.

Only a coalition government will repeal these toxic taxes to restore aspiration, reward hard work and put Australians first.