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Uncertainty Continues for Australian Mining Industry

By Joel ScanlonAug 23 2010

Mining tax woes for the industry seem far from over. With no clear winner emerging after the elections there is grave uncertainty over how the tax will eventually end up being framed and passed. This is causing mining majors to tread with extreme caution.

Investors are all going into 'stand by mode' until the mining tax issue can be resolved. It is clear now that caretaker Prime Minister Julia Gillard and opposition leader Tony Abbott will both need to make a deal for the legislation to be passed as neither party has won enough seats to form a government in the 150 member House of Representatives.

However with Abbott promising to scrap the mining tax and the Greens leader Bob Brown hoping to levy a larger mining tax it is unclear what will eventually happen. The Greens seem to hold the balance of power and may help to form the country’s first minority government in 70 years.

The mining majors such as BHP Billiton Ltd, Rio Tinto Group, Barrick Gold Corp. are all waiting and watching to see what kind of taxes they will have to pay. They are all major operators in Australia and will be deeply affected to the tune of billions of dollars in terms of taxes.

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.

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Scanlon, Joel. (2019, March 19). Uncertainty Continues for Australian Mining Industry. AZoMining. Retrieved on November 23, 2024 from https://www.azomining.com/News.aspx?newsID=243.
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Scanlon, Joel. "Uncertainty Continues for Australian Mining Industry". AZoMining. 23 November 2024. <https://www.azomining.com/News.aspx?newsID=243>.
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Scanlon, Joel. "Uncertainty Continues for Australian Mining Industry". AZoMining. https://www.azomining.com/News.aspx?newsID=243. (accessed November 23, 2024).
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Scanlon, Joel. 2019. Uncertainty Continues for Australian Mining Industry. AZoMining, viewed 23 November 2024, https://www.azomining.com/News.aspx?newsID=243.