Mining Tax debate is over - Labor

Thursday, 12 August 2010 10:18

According to the Australian Financial Review (18/8/10) Labor's Martin Ferguson says the mining tax debate is done and dusted. So the looming control of the Senate by the Greens and the promised consultation under former BHP Chairman Don Argus is meaningless? We think differently and so does Bob Brown...

Resources Minister Ferguson quotes recent bumper profits by Rio Tinto to justify his comment.

Problem is, isn't Rio one of the three inside big companies that got the special deal in a secret meeting that neither the public nor the mining sector are allowed to see.

Fortescue's Andrew Forrest is suggested that Rio, BHP and Xstrata will get a $100bn tax break while small and medium miners will now wear a bigger share of the tax impact.

Remember this was a tax that Treasury got wrong by a mere $15 billion out of $12 bn. Yes, they got it wrong by 125%.

And of course Ferguson is totally discounting the inevitable wheeling and dealing that will put the Greens in the box seat. Bob Brown is adamant the tax should be returned to its pre-deal levels.

So should we accept this tax is done and dusted? No way, but this won't be influenced by the ineffectual advertising campaign by the miners, it will only matter if grass roots Australians stand up and demand the tax be axed or the reforms go back to the drawing board.

What do you think?