Big mining and their lobbyists would have you believe the mining industry were good corporate citizens, paying large amount of tax and contributing significant amounts to the Australian economy. An article in Fairfax today paints a very different story. It reveals that the third biggest coal miner in Australia, Glencore Xstrata, paid $zero tax on revenues of $15 billion over 3 years. Glencore Xstrata has also been the beneficiary of huge subsidies from both the state and federal governments. Recent TAI research identified $17.6 billion in subsidies paid to the mining industry by state governments over 6 years, on top of the $4.5 billion paid by the federal government each year: tai.org.au/content/mining-age-entitlement
Posted on: Fri, 27 Jun 2014 00:30:55 +0000
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