Oops Custard, I think you will find that onshore minerals actually
belong to the States, not the Federal Govt.

That is exactly why royalties are paid to the States. This is
just another grab by this Govt for more power and control over
the States.

The first people who should actually benefit from royalties,
are the regions where they are mined. You city slickers
don't need it all for yourselves.

Doesn't matter, the Federal Gov't has the right to make laws with respect to EXPORTS (s.51(iii)), TAXATION (s.51(ii)) and COMPANIES (s.51(xx). On top of which, with all the State Governments being Labor, they could refer it to the Commonwealth as it is (s.51(xxxvii)). It will come under one or more of these heads of power. I'd bank on the Export Power myself, very little of the material mined here is used here, so it would be VERY effective, in conjunction with s.51(xx).

The simple fact is, there are already laws on the books limiting the time one can hold a lease without working it, they just need to be altered, thus it would not even be a law with regard to anything, but a change in an existing Act (or Acts) and whatever Parliaments can make, they can alter is a truism, no?

I would have thought that being the sovereign owner of a resource, is a risk free occupation.

If the resource remains in the ground there is zero risk to the owner.

Of course you could be attacked by a foreign power because it's there and they need it. You would need very adequate defence capability long term, if your going to leave your resources un-mined I feel.

Anyway the resources grow in importance and value over time, if left in the vault.
The financial risk to the resource owner is zero, or better.

As our representatives, the Govt simply wishes to implement a Tax payable mainly by Multinational Mining Corporations. Not become share holders in their risk or ventures.

Losses can come from bad decision making from Business operators, as is the case with BP in the Gulf.
Should taxpayers refund BP it's investment's for having such bad luck?. I don't think so.

Pink batts etc for that matter here Hasbeen, was caused by every sheister around crawling out of the woodwork to grab taxpayers money. The Govt underestimated just how many of these sheisters there were with a business name, and just how low they would go.

The Govt has some culpability, but is the sheister installers that are ultimately responsible for the death and mayhem.

The media has covered little of the prosecutions of some of these people that were prepared to jeopardise the lives and safety of others and peoples property to turn a quick buck. Shameless acts of exploitation of customers , against both the Govt and the end user/recipient.

There was nothing wrong with the idea of insulating everyones home better in the first place.
The Govt is guilty of naivety when conceiving this idea, but not guilty of installing the batts.

You people are incredible. Total incompetence is totally OK, if it's your ideological lot that are being incompetent.

I wonder if you would still feel the same way if it had been your kid that died, because they would not listen to warnings?

On second thoughts, we had better leave that stuff in the ground. At least until we get a government that just may spend those royaltise sensibly.

*On top of which, with all the State Governments being Labor*

Hehe, I always did think we were like a foreign nation here. Sorry
sunshine, but WA is a liberal-national Govt, with part of the
royalties coming back to the regions. Its the very reason that
Labor was kicked out, country people had had a gutfull

I'll tell you something. If you lot tried to stop iron ore exports
from WA, you would not have a buckleys chance. The population would
revolt against you and tell you to get stuffed, secede if
required. WA would thrive without you.

What would you do? Send your troops to shoot us?

Not likely.

Yabby>>If you check out the figures, you will see that bank net profits are around 1% of total assets.
Do you really think that a 1% margin is unreasonable?<<

A bit of creative accounting there Yabby re the total profit percentage expressed against assets.
Poor banks why do they bother to open their doors, or is it a charitable thing, a public service from the banks to us.
For a business that does not make money it is amazing that they can find fools to buy their shares on the ASX at about fifty dollars a single share. Fools and their money are soon parted.
Poor, poor poor poor poor poor poor………………………………….banks.