Cormann, Sen Mathias

Senator CORMANN (Western Australia—Leader of the Government in the Senate, Minister for Finance and Vice-President of the Executive Council) (14:28): Australia does draw a lot of benefit from our exporting activities, including and in particular the export of our oil and gas resources. It generates a lot of jobs for Australians. It generates a lot of trading opportunities. Of course, all these businesses have to comply with our tax laws, and company tax in Australia is paid on profits. It's not paid on income; it's paid on profits. Businesses with a large turnover have to pay 30 per cent tax on their profits, and that is what all businesses across all sectors have to do.