Not much irritates me more that the governments claim that the MRRT does not raise revenue. This is a LIE. It has raised money already, and was set to raise much more as the miners move from an investment phase to a production phase. These stooges claim that the mining tax drives the miners to other countries.....and yet, in the last few years we have seen RECORD investment in Australia. LIARS. The high fiving over the repeal of the carbon tax made me despair at the ignorance of our government – a battle lost but the war continues. The Abbott government is preparing to axe the mining tax as its repeal bill passed the lower house for a second time on Thursday, with the government limiting debate to under two hours. The coalition says the mining tax has failed to do its job, raising only $340 million since its introduction. Parliamentary secretary to the minister for finance Michael McCormack also said the tax undermined confidence in Australia as an investment destination and its reputation as resource supplier, which raises the obvious question asked by Chris Bowen, “If it doesn’t raise enough money, then how does it damage the mining industry?” The total revenue in 2012 for BHP Billiton, Rio Tinto, Woodside Petroleum, Newcrest and Xstrata was A$167.23 billion. Add to that the revenues of the self-defined “small” miners. Gina Rinehart’s Hancock Prospecting alone made a $1.2 billion net profit in 2012. It is projected that in the next decade they will make at least another $600 billion.
Posted on: Sun, 29 Jun 2014 04:29:57 +0000
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