Hockey shocked by MRRT $60bn revenue loss

The federal government relinquished $60 billion in revenue out of desperation to win last year's election, opposition treasury spokesman Joe Hockey says.
Mr Hockey said the fact that the re-drafted mining tax lost $60 billion in revenue over 10 years compared to the first proposal, showed the lengths Prime Minister Julia Gillard went to in order to retain power.
"What's been the greatest revelation, in what has been the most cumbersome display of public policy in relation to taxation I've ever seen ... we have seen Julia Gillard negotiate away two-thirds of Kevin Rudd's mining tax so that she can be re-elected," he told reporters on Wednesday.
"That is extraordinary.
"Julia Gillard gave up $60 billion to win the election and stop the miners advertising against Labor.
"So now the mining tax which is 100 per cent of the pain for a third of the cost burden is probably not doing to pay for all of the promises Labor made at the last election."
BHP Billion's record half-year profit of $US10.52 billion, announced on Wednesday, didn't change the coalition's opposition to the tax.
"BHP and Rio (Tinto) are world citizens, they're not particularly Australian," Mr Hockey said.
"If there is sovereign risk in Australia, they will invest in projects elsewhere and that is one of the main reasons why we oppose the mining tax."
The coalition would probe the issue more at estimates hearings next week, Mr Hockey said.