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In a joint media release issued 24 October 2013, the Treasurer, Joe Hockey, the Minister of Industry, Ian Macfarlane and the Minister of Finance, Mathias Corman, announced the release of draft legislation for the repeal of the Minerals Resource Rent Tax (MRRT).

The Treasurer said that consistent with the Government's clear election mandate, the Minerals Resource Rent Tax Repeal and Other Measures Bill 2013 will abolish the failed MRRT from 1 July 2014.

"Where the Government specifically outlined that it would keep a spending measure linked to the mining tax, the Government will honour that commitment. For instance, the Government remains committed to not rescinding the increase in compulsory superannuation from 9 to 12%, currently paused for two years," the Treasurer said.

The closing date for submissions on the draft legislation and explanatory memorandum for the repeal is Thursday 31 October 2013.

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