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IMF Lends Support to Australia's Proposed MRRT

By Joel ScanlonSep 30 2010

While local support for the minerals resource rent tax (MRRT) may not be forthcoming the International Monetary Fund has praised it.

In a new report the International Monetary Fund (IMF) has described the Australian government's proposed mining tax as a step in the right direction. It has also said that they should consider broadening it to other mineral resources. The praise comes at a critical juncture when small and mid tier miners are voicing concern over the proposed tax.

The IMF predicts that the Australian economy is set to grow at least by 3% in the next financial year as the mining boom is driving the economy’s recovery. The IMF warned that there was a need to manage the boom carefully. It described the Henry tax review as a comprehensive blue print for tax reform issues. There was a suggestion on becoming more reliant on the consumption based taxes like the GST as it would help eliminate inefficient state taxes.

However the federal Treasurer Wayne Swan was not in favour of extending the MRRT. He also had no plans to change the GST. He said that the government had reached an agreement which was a breakthrough with the mining industry and that is what will be implemented.

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). IMF Lends Support to Australia's Proposed MRRT. AZoMining. Retrieved on November 22, 2024 from https://www.azomining.com/News.aspx?newsID=384.
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Scanlon, Joel. "IMF Lends Support to Australia's Proposed MRRT". AZoMining. 22 November 2024. <https://www.azomining.com/News.aspx?newsID=384>.
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Scanlon, Joel. "IMF Lends Support to Australia's Proposed MRRT". AZoMining. https://www.azomining.com/News.aspx?newsID=384. (accessed November 22, 2024).
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Scanlon, Joel. 2019. IMF Lends Support to Australia's Proposed MRRT. AZoMining, viewed 22 November 2024, https://www.azomining.com/News.aspx?newsID=384.