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The Forum > General Discussion > Gillard - Mining tax capitulation?

Gillard - Mining tax capitulation?

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*I agree with Yabby.
Not to worry, probably won't happen again.*

Ah well Severin, things are looking up. At least
you got it right once in your life :)

Examinator, it was exactly because people working in
mining DID get excited, especially in a number of
marginal seats, that Caucus acted, Rudd was removed
and the rest is history.

Rudd screwed up badly, he's paid the price. Julia so
far is certainly a refreshing change
Posted by Yabby, Friday, 2 July 2010 5:55:59 PM
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And then Yabby goes and spoils it all by saying something......

Stupid.
Posted by Severin, Friday, 2 July 2010 5:59:00 PM
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Rehctub, I think that that the Govt would be foolish to budget
on nearly any of this money, but they won't tell you that
before the next election.

At the moment there are something like 39 iron ore projects
globally being built, which will come onstream in the next
three years. That will increase supply by around 500 million
tonnes a year. Now even the Chinese won't swallow all that,
so given supply and demand, the price of iron ore could well
again crash, like it did when the Japanese played us against
Brazil in the 70s.

Coal is much the same. We saw what happened to prices during
the GFC, they basically dropped by 50%.

As nobody can predict the future, it would be foolish to
pretend that they can predict income in a few years time.
Its basically nothing but a guess.

The increase in super will be paid by employers. Some
will be able to pass on their costs, some, like farmers,
won't.
Posted by Yabby, Friday, 2 July 2010 7:45:33 PM
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I was a bit busy today, so only heard a bit of news. However, I think I caught that the super proffit tax, a bit scaled down, will apply to only coal, & iron ore.

With the rate of increase in power charges recently, this is still not great news. The mining companies will have to increase prices, to try to make up their profits, so I think people had best sit down before opening their power bills in future.

We wouldn't want anyone being injured, if they faint at the shock.
Posted by Hasbeen, Friday, 2 July 2010 8:31:02 PM
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The ten % that's missing, and what wheels are turning?

TTm.
Posted by think than move, Friday, 2 July 2010 10:37:12 PM
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The most salient point about the mining tax brouhaha to me is that it demonstrates the extent to which Australia is run by transnational mining and media corporations, rather than by notionally democratic governments.
Posted by CJ Morgan, Saturday, 3 July 2010 8:39:04 AM
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