'With more foreign workers coming in'

Isn't this a current Government policy?

Luciferase, what younhave to realize is that the salary that is paid to Swanny, is weekend spending money for the big mining exects, he, Swanny, has simply been outsmarted.

The whole tax was the wrong way to go from the outset, as to assume a huge GLOBAL company, would accept the tax was nieeve to say the least.

Then of cause there are the billions spent bynthe miners in their anti tax campaign, all of which is a tax deduction.

As I say, he was simply outsmarted by a much smarter person.

It's not the pollies fault, because after all, most pollies are drawn from those who the corporate world didn't want.

Why else would a qualified barrister want to work for peanuts, knowing full well at least two thirds of the population dislike you.

I'm getting old and sloppy, it was Hasbeen I want to borrow money from and Hasbeen's comments about house prices etc. Sorry Rechtub, put your money away.

lee1, Treasury makes the forecasts, and I agree that it made insufficient allowance for volatility, perhaps caught up in Labor's dire wish for a balanced budget, when it should have asked hard questions. Hopefully it'll all come out, but Gov'ts have always made heroic assumptions with a balanced budgeyt in mind. Again. I'd point out that total forecast revenue was 376 billion and a 2 billion error is about 0.5% off forecast. (a we look like a further 1% short of forecast revenue by May if the economy doesn't pick up).

"'With more foreign workers coming in' Isn't this a current Government policy?" Yes, but the rules seem to be being bent and that needs a hard look at by Labor. I doubt the Coalition has any intent to deny miners their wishes with so much of their financial support tilting its way.

Rechtub, how about something more substantial than pot-shots at certain politicians' salaries and not others. Australians, through our politicians, will determine the basis upon which miners do business in Australia, not the miners. If something is broken, we'll fix it, but let's see if it's really broken first.

This is my fourth post so it's all quiet from me for a bit.

Luciferase, if something is broken we fix it, you say.
well, it wasn't broken when the big miners were in exploration mode.

It wasn't even broken when they commenced mining and were fetching pre boom ore/coal prices.

It has only ever appeared to be broken, when this useless, incompitent government, started by Rudd, continued by Gillard, with the support of those two useless independents, wasted every single cent we had, and more.

Pre Kevin 07, we were palin flying, we had money in the bank (after struggling for years to pay off previous labor debt), everyone who wanted a job, had one, the word 'underemployment' hadn't been invented and our borders were safe, sound and secure.

Then along came these incompitent fools, wasting billions on failure after failure, then, once they realized that they had made monumental stuff ups, turned to about the only sector that wasn't suffering under labor's incompetence, and decided that all of a sudden, it wasn't fair that they (the miners) were making all this money.

Dont spare a thought about the risks they had taken.

Don't worry about the taxes they were paying.

Don't worry about the thousands of jobs they were creating, or the other thousands they were supporting, and most of all, don't worry about the banks, as they (the banks) could pack up office and move elsewhere at a heart beat, despite makimg insane profits without the risks the miners take.

Now while you say you can't fix it till it's broken, does not mean you can go out and break it just so you can then TRY to fix it, as the word TRY, in labor terms is a very risky word indeed.

So its all a one way street, rechtub. Company tax rate lowered since mine inception, miners win. Depreciation provisions improve since inception, miners win. Infrastructure improvements laid on with fed and state gov't input, miners win, etc.

Yet, one small market linked tax doesn't go their way and they wailing like banshees. When state royalties rise beyond the piffling levels set, where is the wailing then?

Sure, while miners kill the pig they contribute greatly to our economy, making up 10% of GDP. However, our descendants will look back and rue our stupidity if we don't make more of our assets, starting now.

You say, small tax.

Name any other large company, who pays their 30% company tax, then once they earn about 12% return on investment, they are expected to pay ANOTHER 30% on each dollar thereafter.

Now of cause they are our assetts and, we are being paid royalties for them. If the way royalties are formulated and distributed, then change it, but not mid stream, as shifting the goal posts mid stream of such huge projects simply effects confidence.

Now if you want more, then take a risk and buy shares inn these mining companies, because at least then, you share the risks as well as the gains.