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The Forum > General Discussion > The mining tax, or is it the mining axe?

The mining tax, or is it the mining axe?

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With the mining tax set to pass through paliment, thanks mostly to the real PM Bob Brown, I just wonder how the industry, and those who feed from it will take the hit of both the tax, and the world largest (by far) carbon tax, passed in the same year.

I'm a bit of a risk taker, but that may well be to bigger risk for many.

This Tax, could well turn into an Axe!
Posted by rehctub, Wednesday, 14 March 2012 7:23:05 AM
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Tax break for small business, is on and will be passed if the opposition agrees to support it.
Fortesque mining is wanting 1 billion dollars to fund expansions and upgrades. Should they get that money, as it will go on the deficit, until replaced.
Posted by 579, Wednesday, 14 March 2012 8:42:35 AM
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Rehctub, can I please clarify your position: Are you totally against any mining tax, or any increase in mining tax above what has existed up until now?

Or do you see the need for a better return to the community and the average citizen from our national mineral wealth and a bit less into the pockets of the already enormously rich?

Are you totally against a carbon tax? Or do you see some need for us to mitigate carbon pollution or move away from our dependence on fossil fuels, if not for climate-change reasons, then for peak oil reasons? That is, to wean ourselves off of liquid fossil fuels and onto renewables before we are forced to by suddenly increasing prices and/or shortages of supply.
Posted by Ludwig, Wednesday, 14 March 2012 9:24:19 AM
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My view is that the mining tax will have absolutely no effect on mining investment whatsoever. Why do I assert that? Two reasons.
First, because since the mining tax was passed in the lower house, investment in mining in Australia has actually accelerated, to the point where the country's economy would be simply unable to digest much more, at least in the short term.
Second, while share prices of the major miners has eased slightly, this is consistent with the reduced demand from China that's being forecast. In other words, the mining tax passing the lower house had no impact on mining shares.
Moreover, I would argue that the way the industry trucked right on without a murmur when the tax passed the lower house, demonstrates the the advertising campaign mounted by the miners claiming that the tax would be the end of the world as we know it, was pure bovine excrement.
Anthony
http://www.observationpoint.com.au
Posted by Anthonyve, Wednesday, 14 March 2012 10:20:36 AM
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I reckon you are right Anthony. The mining tax, and the carbon tax, are baby steps. They really are ineffectual in themselves, unless they are first steps towards something much more substantial. But they aren’t; they’re the whole deal.

So it basically amounts to the government being seen to do something positive without doing anything meaningful at all.
Posted by Ludwig, Wednesday, 14 March 2012 10:57:10 AM
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*the advertising campaign mounted by the miners claiming that the tax would be the end of the world as we know it, was pure bovine excrement*

Not really, Anothony. I remind you that the campaign was against
the original suggestion as per Rudd, which was indeed draconian
and would have dramatically changed the investment decisions of
Rio, BHP and others.

The present mining tax was a renegotiation of the draconian and is
far more reasonable.

Given the 40% drop in coking coal prices however, there is going to
be far less left to tax, then people might have thought.
Posted by Yabby, Wednesday, 14 March 2012 11:10:23 AM
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