"Mining investment and exploration continued to be threatened yesterday as $300 million was chopped off the takeover bid for Macarthur Coal in Queensland by US giant Peabody Energy; Incitec Pivot stopped drilling for phosphate; Xstrata cancelled projects; and Macquarie Bank advised clients Australia was "now seen as being a high sovereign risk destination to invest" and there was a "significant risk of major capital flight out of Australia".
Still, Swan is digging his heals in to push the tax through....theyve got no hope!
