The Forum > General Discussion > mining boom or bust?
mining boom or bust?
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It seems that anyone or any company that makes money legitimately get excoriated and always labeled "unfair". Return is always directly linked with risk and our miners and their investors have certainly taken plenty of risk. It costs a tremendous amount of money to develop an oil well or a mine and as has already been pointed out there are many listed companies and their investors who are putting their money on the line struggling to get that return. Those waiting on the sidelines for the profits to come in and want their share without having lifted a finger is "unfair".
Of course Australian companies that make good profits should pay their share of tax and they certainly do. With royalties the percentage is 43% compared to the banks and retail of 30%. With the extra that Rudd wants to take (as socialists always do) the rate will be about 55%. The dividends that the resources industry pay are not great because the ongoing investment in further development is so high. Africa has plenty of potential for investment and I would hate to see more money going overseas. We live in a global world now and we invest overseas in the same way as people in other countries invest here and any Mum and Dad can put money in the market and take the risk. It's the ones that don't that complain about excessive profits even though they don't realise they are losing out through their superannuation.
Kevin Rudd always tries to use spin and appeal to the electorate on an emotional basis, For some reason he quoted the 9 billion as the amount paid by the industry when it was only the royalties, but then that's the spin he tries to create.