Labor's Super Tax on Miners

Government big wigs in China had a meeting yesterday about Rudd's profits tax. Some Chinese companies have already shelved investment plans in Australia. Last year China's investment in our resources industry reached a record $26 billion. If they do decide to cut back, we're in deep do do.


Surely all this stuff can't be bluff. I think the shareholders meetings were today or yesterday.

toot2000, both BigVal & clay are totally correct. The super tax will cost

more, this year & next year than it will raise & the long term results are

horrendous. One thin that the left wingers are saying, is that the mining

giants are grandstanding. That is quite true; they are. BUT, the long

term results are still the same. Australia WILL lose much more than it

will gain. One thing that has evolved, is that many unions will not be

supporting the Labor Party in the next election & the Liberal Party will

be, for the first time in 50 years, flush with funds from both the mining

& the Banking Industries. The banks are fully aware, that they are next

& the difference is that they cant stop their operations.

Innes, are you sure the unions will be getting into bed the the Libs? Holey Moley, that's a first!

IT is not often that Australia’s tax system gets compared with that of a country such as Zambia, but international ratings agency Moody’s has warned the government to pay heed to how mining exploration dropped there following a big increase in resource taxes in 2008.

Zambia, Africa's top copper producer, has since repealed many of those increases, leading its mines minister recently to call for investors leaving Australia to head for the African nation.

[url=]Here you go[/url]

Very interesting reading Koko, it gets scarier and scarier.

I don't know which unions are supposedly getting into bed with the Libs.

The first of the union funded tv ads attacking the Libs have already commenced.

I wonder how their members must feel...$20Million spent on getting Rudd into power, only to find they have elected the worst PM ever. more $$millions going into [u]keeping[/u] him there.

Not every union member automatically votes Labor.

Plus the the members might really want a couple of experts to look into what will be happening to their super in the short term, and their wages in the long term. That is if there are any financial experts left after Labor has penalised them even more for simply doing their job.

toot2000 & koko, I never even suggested that the unions were getting

into bed with the Liberal Party. What I said was that there were some

unions that would not be donating to the federal Labor Party for this

election. I also stated that some major Companies, mining &

banking, will be making sure that, for the first time in 50 years, the

Liberal Party is going into an election campaign flush with funds.

BTW Isn't it interesting to note that just before the mining super

tax was announced, the Australian dollar was worth 93+cents US,

this morning it hit 84.5 cents. That means that the mining super tax,

in the last 2 weeks alone has cost Australia just a little less than

$100Billion in GDP.

Lunchtime finance news.......down, down, down we go!

Glass-Steagall gets the world’s attention—what’s Rudd doing?

Interesting topic at:-

toot2000 & koko, I never even suggested that the unions were getting

into bed with the Liberal Party. What I said was that there were some

unions that would not be donating to the federal Labor Party for this


My bad..I didn't read through the thread.{:

Before we jump on this super mining tax, how many of us know how much proffit these mining companies actually make? How much of it they leave here in Australia and how much take to wherever they come from???

How big is company director's pay packet? I heard the other day that their personal tax is $5.000.000

Yes, six zeros. So how much is in their pay packet to pay this kind of tax? Mind boggling I say*

If there is any truth in this, and I think there's plenty, Rudd is to be congratulated for looking after the citizens of this country. Why didn't Howard do it?

Ah yes...a genuine Robin Hood is our Kevvie.

Ask all his 'working families' who have had $$$thousands wiped out of their super overnight.

Mara, this all seems very just, but just look at the reality. All the

dividends that leave Australia are subject to withholding tax. You

heard the other day that their personal tax is $5,000. Can you

authenticate this? Do you really think that a mining super tax is

going to stop wealthy people finding tax loop holes? At the end

of the day, Rudds illadvised, inept tax has already cost us over

$100Billion, in order to cover a $5Billion unconstitutional blackmail

debt. That is all bad enough, but what makes it a lot worse, is that

we will have still lost this money when the Upper House rejects the

Bill, so this massive missmanagement & cost is all for nothing.

The mining tax is not responsible for a decline in the value of the Australian dollar.

The euro is falling because of what is happening in Greece. The US dollar is increasing as investors see it as more stable and as the Aussie dollar is compared to the US dollar it is normal that it's value will fall.

To blame the financial problems throughout the world on a proposed mining tax in Australia is irresponsible.

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