Senator SINODINOS (New South Wales—Assistant Treasurer) (14:48): I thank the honourable senator for his question. The mining tax was an unnecessary and poorly designed tax that burdened the industry with excessive compliance costs. It damaged international investor confidence in Australia, particularly in our resources and energy sector, and it made the industry less internationally competitive. The whole point of the tax was to extract economic rents. It did nothing of the kind. Atlas Iron recently outlined to the Senate economics committee the impact of the mining tax on its operation, noting: … the introduction of the MRRT substantially delayed the process of marketing our Ridley magnetite project to foreign investors as it created a further layer of cost and uncertainty over such projects which are already considered risky by virtue of their capital requirement. It was adding to the risk of these major projects. The MRRT added extra complexity administratively—new administrative and compliance burdens. Opposition senators interjecting— Senator SINODINOS: You don't like to hear this, do you? You don't like to hear the consequences of what you did to one of the big industries of Australia, one of the industries of the future. The mining tax has already cost over $50 million in administration but raised only $400 million. How is that for a return on the industry? Treasury confirmed in the recent Senate economics committee hearing that far more companies need to comply with the tax than have actually paid the tax to date. Approximately 235 companies have registered for the tax and 65 more are due to register should the repeal of the tax not proceed; however, fewer than 20 companies actually incurred a MRRT liability in 2012-13. If we want a vibrant energy and resources sector, we have to repeal the MRRT and we have to repeal the carbon tax. The opportunity we have over the next few days is to complete that task.