More stories on the unravelling numbers for the Super Tax

Thursday, 08 July 2010 08:33

More commentaries each day on how the numbers in the proposed MRRT Super Tax don't add up. Goldman Sachs has released data that exposes the Government's attempts to blur the real financial impacts. See "Mining tax changes could cost $35b over 10 years"...

At ComeOn we remain concerned that this is a bad tax, now modified on an ad hoc basis to make it worse. It will distort the mining market against small players in favour of big players and as the The Age reports, it will still impact negatively overall. It is hard not to agree with another commentary in The Age that the changes were not about good economics or tax policy but about clearing the decks to save marginal seats and get re-elected.

The tax was created to cover an inconvenient truth that Labor had and continues to spend too much taxpayer money. The changes were about another inconvenient truth, that the punters didn't wear the class warfare rhetoric of Rudd, Gillard and Swan and they needed to get rid of the tax, but couldn't afford to lose face again, so they are persisting with a bad policy.

The tax never made sense and the numbers don't add up currently. The Government should, but won't axe this tax. Sign our petition to make sure the Senate does its job as a House of review and blocks this bad tax.