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The Forum > General Discussion > mining boom or bust?

mining boom or bust?

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I have not yet seem the Howe's interview it is recorded.
But am confident it will be good.
A woman yesterday screamed into the radio mike that we will drive miners of shore.
How do they take the mines with them?
While Kevin, even to me appears to have been gutless at times, ETS ext, he showed guts here in saying it is this country's resources pay some thing for them.
This federal government is failing in some things the ETS hurts.
But the senate has not been this disruptive fore decades.
Rudd will, still win with an increased majority this election.
But if rabbott won?
He would still use this tax, still reform health in about the same way as Rudd.
Have a look at Nick Minchin, a window on the lack of honesty and integrity in rabbotts team.
In a Senate investigation he said cigarette smoke was safe.
This week he said smokers died earlier saving taxpayers money.
integrity honest, both badly needed
Posted by Belly, Wednesday, 5 May 2010 3:58:28 AM
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BAYGON
You live in a 'dreamland', don't you.

Manufacturing is 'dead in the water' as we as a nation are simply 'non-competetive', full stop!

In fact, two or three generations from now we will be a nation full of 'middle management' as most will be over qualified and nobody will want to do the work. They will all have tickets in 'workplace health and safety' but there will be few jobs on the table.

Like it or not, mining is our 'life line' and without it we will fail.

Belly
This week he said smokers died earlier saving taxpayers money.
So where is the 'un-truth' in this belly? Or is he just another Pauleen Hansen, in which case, the truth often hurts.

So, as for the subject, I think a 'super tax' is a great idea however I feel it should be impossed as a government 'excise' and passed on to the customer. After all, they can't go without it, so they will pay it.

Now of cause, like any cost, it will be passed on, but we can limmit our personal use if we wish to.

They already have excise on fuel, tabaco, so why not 'non-renewables'?

Just a tip.

When the richest man in the land speaks, you should all take VERY CLOSE notice.

Now as for those wanting to leave the minerals in the ground, well that's not going to happen but you yourself don't have to enjoy the benefits they provide.

You can go back to living in a cave, walking everywhere and keeping pigions for communication purposes.

Meanwhile, the rest of us have serious issues to discuss.

Now to all you lot with 'rudd coloured glasses' don't say you have not been warned about this toppic as it has 'life changing' potentials.

Tax by all means, but tax the eggs, not the chickens that lay them.
Posted by rehctub, Wednesday, 5 May 2010 6:54:34 AM
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It's quite simple realy. It's just business.
If there is the required level of profit to be made and the level of risk is o/k, then business as usual. If not, they will go elsewhere.
Posted by Simpson, Wednesday, 5 May 2010 8:17:30 AM
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"If it were not for miners risking their capital", what, like the banks did, and GM and all the other major business houses in the word?

Anyway, that's what shares are all about isn't it?

It is never 'their capital' is it?

It's probably our super stolen from our wallets, minus fat rake-offs, 'executive pays' and 'lobby group' backhanders to politicians that are at risk, not 'miners risking their capital'.

The world's taxpayers carry all the risk, business is constantly withdrawing from their 'free market' cries when they run everything into the ground.... that's why we're in such a global pickle.

As for the worlds fatest man shrieking about how well off he is.... so what?

Let him go to South America where he can wear his white shoes with his Safari suit and hat, and feel like a real emperor.
Posted by The Blue Cross, Wednesday, 5 May 2010 9:55:55 AM
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Belly
There does not appear to be a transcript but the episode can be viewed on the Q&A site:

http://www.abc.net.au/tv/qanda/txt/s2883086.htm

Howes was quite impressive. Howes appears to be very knowledgeable, even-handed and across all the relevant issues in terms of what is fair for business, employees and citizenry - which is great to see in a union leader.
Posted by pelican, Wednesday, 5 May 2010 9:57:52 AM
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*Yes if I had the money and there were no environmental issues, I would invest in mining given the returns are so lucrative despite the tax*

Well that is the thing Pelican, it ain't that simple. IIRC, there
are around 1000 ASX listed miners, most running at a loss. They
rely on capital from investors to keep going. If there is no
potential at the end, of a reasonable profit, investors won't
provide those highly risky funds, many of those companies will
go out of business. There are people losing their shirts every
day in the mining industry, so many ventures go wrong. You just
don't hear about them, they die quietly.

The reason that you and other Australians are doing well today,
is because people took these risks 30 years ago. Australia had
a reputation as a stable investment destination with a competitive
tax regime. The rules were clear. That reputation is now in
jeopardy.

When they do make profits, those companies already pay enormous
taxes, in BHPs case 42%. Rudd conventiently forgot to mention
all those other taxes, when he made his claims. Sheesh, talk
about spin!

The first thing that will happen is that mining shares will drop
in value, so your's and Belly's super funds will lose thousands.
Secondly the Chinese will invest in mining, for they can make
their money at the other end, no need to make a profit on the
mining part, or pay tax in Australia. Rudd's plan is based on
profits, not tonnes. So Australia will lose billions. Hardly
very clever.

Me thinks that the Govt has just shot itself in the proverbial
foot, as so many third world Govts do, when they try to play
dirty and land up losing, then wonder why they are poor.

Forget the idea of the Govt running mines. They can't even
administer a scheme to insulate homes, without stuffing it
up.
Posted by Yabby, Wednesday, 5 May 2010 11:03:35 AM
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