Mr HOCKEY (North Sydney) (14:24): My question is to the Treasurer. I refer the Treasurer to his own words yesterday in relation to the mining tax. He said: The fact is that unused royalties are not transferrable, nor are they creditable. I refer the Treasurer to the Heads of Agreement he signed with the mining companies that states: All State and Territory royalties will be creditable against the resources tax liability … Any royalties paid and not claimed as a credit will be carried forward … Treasurer, if you do not understand your own mining tax, how can we believe anything you say about the surplus? (Time expired)