2nd Sep 2014, 1:11 PM – Senate Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 — Business — Consideration of Legislation

The majority voted in favour of a motion introduced by Senator Mathias Cormann. The motion was:

That-

(a) the Minerals Resource Rent Tax Repeal and Other Measures Bill 2014 be called on immediately, have precedence over all government business and be considered under a limitation of time;

(b) the question that the bill be now read a second time(Read more about the stages that a bill must pass through to become law here. ) be put immediately after the bill is called on and that the time allotted for all remaining stages be until 1.40 pm;

(c) subject to paragraph (d), this order shall operate as a limitation of debate under standing order 142;(Standing order 142 provides the rules in relation to limiting the debate on bills. ) and

(d) at the expiration of time, the question shall be put on all circulated amendments.

This motion speeds up the consideration of the bill by limiting the time available to debate and vote on it.

Background to the bill

This bill was introduced following the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 (No. 2) being laid aside because it could not "be progressed in its current form".(Read more about this bill being set aside here. The division which resulted in that bill being laid aside is available here. )

This bill repeals the Minerals Resource Rent Tax as well as related measures such as the low income superannuation contribution, the income support bonus and the schoolkids bonus. The bill also revises the capital allowances for small business entities and the superannuation guarantee charge percentage increase.(Read more about the changes made in the bill in the explanatory memorandum. ) Under the previous Labor government, the superannuation was set to increase to 12 per cent by 2019 (as of 1 July 2014, it is at 9.5 per cent).(Read more about superannuation in Australia here.) However, this bill will push that rise up until 1 July 2025.