I have to agree with SM.

The MRRT.
This is a typical example of big business, outsmarting government, who, by the way, draw their brains trust from those that the corporate world passed up.

If a treasurer was that clever, he would be in the corporate world, earning seven figures and not have more than half the population hating him. Clearly, he is incapable.

Why I say, outsmarted, is because any profits made by the miners have been reinvested, as opposed to being paid in additional taxes, taxes that in any case would have been used to prop us one of the many labor stuff ups.

If you wish to introduce a 'super profits tax' then anyone earning a Super profit should pay, not just the miners, as they already pay royalties for the finite resource they mine.

As form the carbon tax, of cause the sky would not fall in, however, a dripping tap will not immediately fill a glass, however, once the glass is full, this is when the damage will be done.

This tax will have crippling effects, however, by the time the effects have been felt, it will be too little, too late for many, as they will have changed course, or invested elsewhere.

Don't agree, that's fine, but watch this space.

AsBelly said himself, for every action, there is a reaction, and it may not be immediate.

Butch what are you on about, the MRRT has been in operation for 3 months
during that time they have come off the boom, and payd off employees.
Wouldn't it be more responsible to wait for a full 12 months before you say what they did with the super profits.
The carbon tax will eventually kill australia, some people know that. You are looking for pork in the barrel again.

579,

The tax has been in force for 3 months. Every quarter each major company does a full profit and loss statement and pays their taxes based on this. It is clear that based on volumes, prices, and tax offsets that the liability to pay the MRRT = 0.

If the prices rise again to their peak, this may change, but all the signs are that they will not. Unless of course you know something that everyone else doesn't.

How can anyone say the 0 MRRT tax will be the norm. The miners went backwards to a more sustainable level, during that three months. I don't see any reason to crow about something that was always going to happen.
Booms are not good for anyone. Unless you are gina.
We are in a stable environment, But there are people out there that continually talk the economy down. This is not helpful.

579,

At the "more sustainable" mineral prices, the profit margins are lower and the MRRT = 0, it may change if the prices go up and profit margin goes up, but this is not likely before june 2013.

579, anticipating a tax windfall is one thing, spending it before you get it is another.

Does the saying 'don't count your chickens before they hatch ' ring a bell.

What ever colored glasses you wish to look through, labor are incompient.