The most memorable sketch, which is highlighted in the trailer to The Wharf Revue 2013, is a satirical duet rendition between actors Jonathan Biggins and Drew Forsythe to Titanic’s My Heart Will Go On, on Australian mining, starting with lyrics: “Fate has kissed us big time…”
And this complements the release of draft legislation on 24 October to repeal the mineral resource rent tax (MRRT) from 1 July 2014. Associated measures that were intended to be funded by the MRRT contained in the same package of measures will also be removed or rephased including:
- repeal of loss carry back provisions
- reduction in the small business instant asset write off threshold
- repeal of accelerated depreciation for motor vehicles
- repeal of the geothermal exploration provisions
- re-phasing of the increase in the superannuation contribution rate from 9 to 12 percent (delayed 2 years)
- repeal of the schoolkids bonus.
With all these measures included in the same legislation, it is unlikely to pass the Labor and Greens controlled Senate before 1 July 2014. Instead, passage of legislation will have to wait until after 1 July 2014 when the composition of the Senate will change with likely supporters of this repealing legislation.