Out With RSPT and in With Minerals Resources Rent Tax

By Joel ScanlonJul 4 2010

In a major breakthrough for the Australian government, Prime Minister Julia Gillard managed to reach an agreement with the mining industry. The 40% tax proposed by Mr. Kevin Rudd on all resources has been modified to a 30% tax on iron ore and coal while it stays as 40% for oil and gas projects.

The news came as a welcome relief to the mining community which has been under considerable strain due to the proposed tax. Many smaller concerns were in danger of being shut down and a lot of miners were worried about becoming unemployed.

However the major redesign and the concessions granted to the mining industry by Ms. Gillard has made it possible to reach a compromise on the tax. The old Resources and Super Profits tax has been renamed the Minerals Resources Rent Tax.

The changes which have been implemented will cause to the Government to lose out on about 1.5 billion dollars of expected revenue. However all major industry chiefs from Rio Tinto, BHP Billiton and Xstrata have called it a positive outcome for the Australian mining community.

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). Out With RSPT and in With Minerals Resources Rent Tax. AZoMining. Retrieved on November 23, 2024 from https://www.azomining.com/News.aspx?newsID=89.
MLA
Scanlon, Joel. "Out With RSPT and in With Minerals Resources Rent Tax". AZoMining. 23 November 2024. <https://www.azomining.com/News.aspx?newsID=89>.
Chicago
Scanlon, Joel. "Out With RSPT and in With Minerals Resources Rent Tax". AZoMining. https://www.azomining.com/News.aspx?newsID=89. (accessed November 23, 2024).
Harvard
Scanlon, Joel. 2019. Out With RSPT and in With Minerals Resources Rent Tax. AZoMining, viewed 23 November 2024, https://www.azomining.com/News.aspx?newsID=89.