Mr HOCKEY (North Sydney—The Treasurer) (14:43): I thank the honourable member for the question—I really do—because the mining industry is hugely important to Australia. In the last year's national accounts, mining contributed a full one per cent of around three per cent of growth, about one-third of the growth, which is a significant number. In the June quarter alone, iron ore export volumes reached a record 181.4 million tonnes, which was 28 per cent higher than the same time last year. So in the last three months of the financial year we saw a 28 per cent increase in the export of iron ore. Yesterday I was intrigued to see a tweet from my friend the member for Lilley. He said: As mining production expands, Australia is now without a profits based tax to collect a decent return for our resources. He was moaning about the end of the mining tax. In the same quarter that the mining industry increased iron ore export volumes by 28 per cent, the mining tax raised 2½ cents per Australian. That was fantastic! And the Labor Party is still defending the mining tax. I thought: is this real? I asked myself: could this be real? So I went back to the budget of 2012, the one that the member for Lilley was incredibly proud of, where it said: The core of this Budget is a plan to spread the benefits of the resources boom … Two and a half cents, Swannie? The SPEAKER: The Treasurer will address members by their correct names. Mr HOCKEY: Two and a half cents to help families! It went on: The Minerals Resource Rent Tax … is a historic economic reform which means the benefits of the boom can be invested in Australia's future. All 2½c! I cannot even hold up 2½c. We do not strike the copper coins anymore. I would have to go to a halfpenny and strike a few of those. They used to be called half-monkeys, but I would need to call them half-Swannies. They would need to be half-Swannies because that is the only way I could distribute 2½c to every Australian. Yet the Labor Party still believes it is a terrific tax. It raised one per cent—one per cent—of what was expected. Not even the Greeks could do that—come up with a tax that raises one per cent of expectations! The problem was that the worst Treasurer Australia has ever seen committed $17 billion in expenditure against a tax that raised no money. 'Spreading the benefits of the boom'? You give us your 2½c worth. (Time expired)