Mr SWAN (Lilley—Deputy Prime Minister and Treasurer) (14:14): As the Prime Minister indicated before, there is already a process in place going through the federal Treasury and state treasuries to look at the issue of royalties. That was announced following the finance minister's Treasury meeting at the end of last year, but apparently this is another fact that shadow Treasurer is not aware of. The fact is, as I said before, there has been a dramatic impact in terms of commodity prices on the revenue and a somewhat small recovery in the revenue as a consequence of a small recovery in commodity prices. Mr Hockey: It's $30 a tonne for iron ore! The SPEAKER: The member for North Sydney has asked his question. Mr SWAN: What I said on Friday—and I will say it again—was that our Treasury and the tax department will look at the performance of this tax in light of prices and in the normal way.