Senator SHERRY (Tasmania—Minister Assisting on Deregulation and Public Sector Superannuation, Minister for Small Business and Minister Assisting the Minister for Tourism) (14:35): I thank my Tasmanian colleague Senator Urquhart for the question. This Labor government intends to introduce and implement a mining tax, and we are proud of it. We are proud of introducing a mining tax, unlike the Liberal-National Party, who have pledged not just to oppose the mining tax but to reverse it if they should ever be elected to office. Not one dollar of the mining tax goes to the budget bottom line. The mining tax revenue will be used to fund major tax reform in this country for business and for individual taxpayers, and to increase retirement incomes. We will be reducing the company income tax rate to 29 per cent in 2012-13—a year ahead for small business. We will be introducing special new accelerated depreciation provisions funded by the mining tax for small business—currently a $1,000 write-off, to increase to $6,500. We will be introducing a standard tax deduction of $500 in the first year and $1,000 subsequently to simplify the tax claims and tax affairs of over six million Australians. We will be cutting tax on savings through a 50 per cent discount on up to $1,000 of interest income. They are some of the tax reforms that will be funded by the mining tax which the Liberal and National parties oppose. The Liberal and National parties say they will reverse the mining tax. How are they going to fund cuts to company tax? How are they going to fund cuts to superannuation tax? How are they going to fund improved write-offs for small business? There are billions and billions of dollars of new measures—cuts to tax on superannuation, cuts to tax on small business. How are the Liberal and National parties going to fund those tax cuts? (Time expired)