It does sound as if, as usual, he is going to water, & stepping back a bit. Why, oh why did the idiot not think for a few minutes, before shooting his mouth off.Posted by Hasbeen

Yes I think he is 'S' scared, as the last thing he wants is another addition to the 'failed trophy' case.

Still he plays cat and mouse with the voters, hoping for TA to trip so he can call an election.

As I have said before, he simply lacks balls!

As in the words of the Rio CEO, Either Swan is deliberately misrepresenting the information to the public or he is grossly incompetent.

As the figures given in the article have independently audited, I would say that both are true.

Yabby,
Now that you mention it, remember that most of the profit from those Transnational companies is going directly offshore to their overseas owners and not doing much for this country at all.

As for the investment, it's only being made with a view to making a return, not some act of generosity on their behalf.

A profit is still a profit and it's only excess profit that is subject to this tax.

The Mineral Council actually suggested this tax themselves some time ago because it would give them benefits once the boom ends.

Wobbles, as it happens, most of the profits from mining companies
have gone back into new developments, for they cost billions.
Without investment, you have nothing. Was that you saying that
you actually need a job? Somebody has to invest their savings
for that to happen.

And yes, they would like a return. Just as you want a return for
your labour, or your savings.

*A profit is still a profit and it's only excess profit that is subject to this tax.*

All profit is already subject to tax, in BHPs case, 43% of net
profits. I put it to you that when Govts want more then
half, like two thirds in this case, its not tax but thuggery.

Wobbles, while the returns on mining may seem huge (now), it is the risk in making such a return that is also huge.

I say again, the government, and the people for that matter, should only be entitiled to additional profits if they are also willing to share in the risks.

And remember, without miners, these minerals are vertually worthless to both the government and the people, however, if the government were to locate the deposits, leaving the miners with the task of simply extracting them, then I doubt they would mind parting with the profits.

Maybe this should be considered in the future. In the mean time it is unfair to expect more now simply because the miners have 'struck gold', as before they found it, it was only dirt.

You guys aren't being fair on the Labor government.
Rudd has been much more efficient at turning around the multi-billion dollar surplus that he inherited than Howard was in turning around the multi-billion dollar deficit he inherited.
Howard took nearly a decade to achieve his objective,
whereas Rudd reached his goal in just a few years.