So BHP billiton has recorded the highest ever half yearly profit in our history, some 10.5 billion$+.

So, that means we have received in excess of 3 billion in profit tax.

Remember, they took all the risks and we received our taxes for next to nothing.

I strongly doubt we should be looking for ways to discourage this type of 'public cash cow'.

Of cause, it would be wise to better tax the minerals, but leave the profit/tax generators alone to go about their much needed task of underpinning our economy, because without them, there aint much left.

All current governments are screwed, they need the money. It comes from years of pretending they can look after all the parasites they've created, both within their ranks and within our society. The mining industry together with the full of lies co2 pollution tax is their saviour, or so they think. Don't worry, they'll get their dough and then it will dry up and we'll be screwed. The climate is a definitely changing!

its sad the media falls for word tricks
this tax they claim to have paid
would this include all taxes?

ie payrole tax..[its workers paid]..VIA bhp
or other taxes like transphere taxes or fuel taxes

you need to be carefull listening to pr spin

they are getting the base product at a huge subsidised discount
getting facilities like rail and port's at huge advantage
getting a trained workforce and much other govt licence
and numerouse other advantages..[free use of police SERVICES etc ]

please beware of spin merchants
spinning their spin
again

RM, I totally agree that we are headed for a collapse. To many piglets and not enough teats.

I have two suggestions.

1. A better more flexible tax on minerals.

2. A small transaction tax on the banking system.

Both of these would be fair, as one, 'we own the minerals' and the banks make their profits from 'our money', not theirs.

But, I doubt our lady of action will achieve either as she is prancing around and appears more worried about stepping on someones dick, rather than making firm decisions that will benefit our country.

OUG, I hear you. It would be very interesting to find out just how much tax BHP generated for the governemnt during this term.

3 Billion would be their company tax alone.

I have always held the view that the mining industry is the best and worst thing that happend to this nation.

They have driven wages, essecially 'un-skilled wages' to unafordable rates and almost every other industry is suffering as a result.

We now have a generation of kids saying, 'don't worry' we will just get a job in the mines on $100K a year.

But thats another topic on its own.

Dear BHP, Rio Tinto, the big 4 Banks et al, thank you so much for adding to a retired person's pension.

Dear rehctub, can you please tell us what the $10.5Bn represents as a gross percentage return on capital invested? Return on shareholder investment? Net contribution after taxes, and what percentage of net is required to service long term borrowings?

It always baffles me why some people react to a big “profit” number without the faintest idea of what it means. If the percentage return on this number was less than 7% we would all be very unhappy.

Is this an emotional hissy fit rehctub or do you know what the numbers really mean so I can contact my stockbroker?

Lets remember these miners are temporary inhabitants, when the easy stuff runs out so will they. It is only fair that AU gets a fair share of the Australian property that is being shipped overseas. They would not be here if it was easier to get somewhere else. When the ore is depleted it will be left to the little miners to scrape up the bits left behind to keep AU supplied in iron ore etc;
So lets not feel sorry for the super profits they make.

spindoc, I don't have a problem with the profit they make. In fact, I am very grateful for their efforts, as without companies like these, where would we be.

My whole point is, they have paid their fair share of tax, so why on earth should they be taxed twice?

579, fair comment, but tax the minerals, not the miners, as they have already been taxed.