By Tim Andrews on 23 July 2014
The Mining Tax Has Failed – it’s time for it to go.
Australia’s resources sector has been the driving force behind our economic growth.
Mining generates a staggering $138 billion in export income a year – over half of all goods and services – and 175,000 new mining jobs have been created in the last 20 years
As Warren Mundine said: Without mining, “we’d all be living in caves”.
But all this is under threat unless the Senate acts to repeal the failed Mining Tax.
Already, since the introduction of the mining tax, mining profitability has been rapidly falling, and if we don’t act fast, international competition for resources investment dollars projects will head overseas, costing jobs, and hurting our whole economy.
This is a tax that has totally failed to meet its revenue targets – in the first 3 months, it didn’t even raise a cent, while still costing companies millions in compliance costs . Treasury Modelling has shown that the senate’s refusal to scrap the mining tax will cost a whopping $17 billion , and even Secretary of the Treasury Martin Parkinson has admitted the benefits to be ‘illusory‘.
The mining sector already had a higher effective marginal tax rate than other industries, and the Australian mining industry paid $21 billion in company tax and royalties in 2011-12 alone
Bill Shorten has claimed “I believe in mining, and I want mining to prosper.” It’s time for him to honour his word.
Join our campaign and contact your MP and Senators and DEMAND an end to this failed tax!
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