Govt under pressure on Mineral Resource Rent Tax
The Federal Opposition is expected to question the Government's ability to deliver on its superannuation policy initiatives if it is successful in joining with the Greens to have the Government reveal precisely how much revenue has been collected as a result of the Mineral Resource Rent Tax (MRRT).
The Shadow Assistant Treasurer, Senator Mathias Cormann, last night confirmed that both the Opposition and the Greens had moved two similar motions in the Senate in a bid to force the Government to reveal the MRRT figures.
The MRRT revenue figures represent an important part of the Government's policy approach because they underpin, amongst other things, the increase in the superannuation guarantee level to 12 per cent.
Cormann said that the Government's MRRT kept shrinking, with the most recent Mid-Year Economic and Fiscal Outlook suggesting it would be just $2 billion, but it was now clear it would raise nowhere near that.
"The Government's assertion that information about the MRRT revenue collections cannot be released for confidentiality reasons is completely ridiculous and unacceptable," he said.
"The Government introduced a new tax, made predictions in budget after budget on how much they expected it to raise, and they have spent what they thought it would raise and more."
Cormann said the Parliament and the public were entitled to know whether the tax "has or whether it hasn't raised what the Government predicted it would raise".
AUTHOR
Staff Writer
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
