In media release No 2011/024, issued 24 March 2011, the Treasurer, Wayne Swan, announced that the Government has accepted all 98 recommendations of the Policy Transition Group (PTG), which was established by the Government to consult with affected stakeholders and other interested parties in the development of its advice on the implementation of the new Minerals Resource Rent Tax (MRRT) and extended Petroleum Resource Rent Tax (PRRT). It provided its report to the Government on 21 December 2010.
In particular, the Treasurer said that the Government has accepted the 94 recommendations relating to Australia’s new resource taxation arrangements, which will inform the design of draft legislation to be released for consultation in the first half of this year, and the other 4 recommendations which relate to promoting exploration.
In media release No 2011/044, issued 24 March 2011, the Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, said that the revenues from the new resource taxation regime, announced by Treasurer will go towards building superannuation savings.
"The Government's historic superannuation reforms include increasing the Superannuation Guarantee to 12% from 1 July 2013. The Guarantee age limit will also rise from 70 to 75. The Government will also contribute to the super savings of low income earners from 1 July 2012," Mr Shorten said.