The Abbott government has moved to repeal Labor’s controversial mining tax, releasing draft legislation to abolish the tax from July 1, 2014.

‘‘The minerals resource rent tax (MRRT) is a complex and unnecessary tax which struggled to raise the substantial revenue predicted by the former government,’’ Treasurer Joe Hockey said in a statement. ‘‘This failed tax imposed significant compliance costs on one of our most important industries, while damaging business confidence which is critical to future investment and jobs.’’

The draft laws repeal a range of Labor policies including the SchoolKids Bonus. Credit:Alex Ellinghausen

While many of the measures linked to the tax will also be scrapped, the coalition government will keep the increase in compulsory superannuation from 9 per cent to 12 per cent, currently paused for two years.

Mr Hockey said the government was still considering the issue of the ‘‘onshore administration’’ of the petroleum resource rent tax.