Posted in | News | Mining Business | Mining Infrastructure

OECD Backs Higher Australian Mining Tax

By Joel ScanlonNov 15 2010

The Australian government has seen the proposed mining tax being criticised and slammed by the mining industry and analysts but it remains committed to seeing it passed into law. The federal treasurer Wayne Swan said that they would fight for it in the parliament as it was good for the economy.

The Organisation for Economic Cooperation and Development or OECD said that the Minerals Resource Rent Tax (MRRT) was justified in an economic report on Australia that it released on Sunday. Mr Swan was delighted with the endorsement of the OECD for the proposed mining tax.

The Greens who hold the balance of power in the parliament have been touting for a higher tax level to raise more revenue for welfare projects. A fact that has been supported by the OECD which felt that the 30% tax level was rather low and that some revenue should be put into a reserve fund.

This has met with considerable opposition from the mining industry which is already unhappy with the deal that the Gillard government has cut with the three major mining companies, BHP Billiton, Rio Tinto and Xstrata. There seems a tough fight ahead for Australia’s mining industry.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

APA
Scanlon, Joel. (2019, March 19). OECD Backs Higher Australian Mining Tax. AZoMining. Retrieved on November 21, 2024 from https://www.azomining.com/News.aspx?newsID=1371.
MLA
Scanlon, Joel. "OECD Backs Higher Australian Mining Tax". AZoMining. 21 November 2024. <https://www.azomining.com/News.aspx?newsID=1371>.
Chicago
Scanlon, Joel. "OECD Backs Higher Australian Mining Tax". AZoMining. https://www.azomining.com/News.aspx?newsID=1371. (accessed November 21, 2024).
Harvard
Scanlon, Joel. 2019. OECD Backs Higher Australian Mining Tax. AZoMining, viewed 21 November 2024, https://www.azomining.com/News.aspx?newsID=1371.