Massive outcry against new 40% Australian national mining tax – Xstrata, BHP and many others speak out about the damage to mine development

Dr Ian Gould, Chairman of the South Australian Minerals and Petroleum Experts Group has described the Henry Tax Review’s super tax on resources as a potentially unsuitable cyclical underwriter of Australia’s future health and retirement expectations. “Handled poorly, the super tax will mean Australia’s overall sovereign risk rating will fall, even if South Australia remains the best place in which to undertake resource investment…….. The only answer to overcoming this changed sentiment will be strong championing by the sector to state its case and its investment appeal…..” Xstrata notes the plan to impose a structural change to the taxation of the Australian resources sector which will result in significant and disproportionate additional taxation on the industry and could well curb the large scale, long term investments required to develop Australia’s natural resources for the benefit of all Australians. (more…)

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