A recent publication "Australia's Mining Boom" by The Spinney Press says:
(a) that almost 50% of Australia's export income is from Minerals and energy (b) 83% of Australian mineral exports is Foreign owned with profits repatriated overseas (c) Up to 200,000 mining and energy workets are overseas migrant workers.
Given these facts, the Abbott Government should be ashamed of removing the MRRT which was designed to share excess profits on Aussie Minerals and Energy with all Aussies.
Indonesia can teach us a lesson in this area because the Indonesian Government requires 51% Indonesian ownership of all Indonesian resources
No wonder overseas investors consider the average Aussie voter as stupid and incapable of working out where his or her self interest lies.
Perhaps the Resource States can now up their royalty regimes to make these foreign owned enterprises pay their way and gain rightful income for all Aussies who are the rightful owners of these resources which are held in trust by the Crown in the resource rich States.
