Australian mining companies have never had it so good as they did when their cheersquad the Liberal Party was in charge. The good times can't last forever, everyone with even a basic education in economics would know this. So it is time that the industry was looked at.
Rio posted a 33% increase in profit (of nearly $5billion!) last year. BHP posted a $6.5 billion profit in the last 6 months of 2009 alone.
Nearly half of this profit is taken directly off shore, how exactly does that benefit Australia?
I'm all for it, in fact I don't think it goes far enough.
Rio Tinto (who I worked for) have just pulled the plug on an 11.2 Billion Dollar upgrade of their Brockman 4 Mine in the Pilbara, as has Andrew Forest and another Queensland Billion Dollar company. .
WAT I think these are just idle threats being made by the mining bosses to try and scare Canberra. And going by the full page ads placed by them in the age and the hun today it looks like they are trying on the scare campaign to the general public.
I can tell you mate they will not just suck it and absorb it, they do not work like that
Spot on WAT
This tax is an impost on the wealthy, but unfortunately it is them who will make everyone else pay for it, in the form of charging higher rates for it's minerals, sacking innocent workers and paying the existing ones less.
Because there is no way known that these fatcats are gunna let these commo bastards steal what's rightfully theirs!
makes Australia da
sorry i missed the e
by the quality of your posting I thought you'd taken one.
Post of the year so far
To all of you Andrew Bolt loving, SUV driving, stockmarket watching wannabes on OER, who probably stand to lose a couple of dollars off the value of their portfolio/super fund, I salute you for your greed and ignorance. In fact I would like to apologise for being a mere worker on award wages, I must be such a drain on you all for asking for a 3% pay rise each year. Maybe I can cut back on some things and accept the 2.5% offer instead
DallasCrane