I have no problem with the mining industry paying its share of the overall national tax burden, that mining is special in that it involves the once only extraction of a national resource, that those that earn super profits should pay more than than the rest of us or that the overall tax burden may need to increase to reflect demographic challenges such as an ageing population.
I do have a problem with a tax that is almost doubled without consultation, that places us at a comparative disadvantage to most of our competitors, that raises sovereign risk and destroys the reputation of Australia as a safe and good place to do business.
A new mining tax may have merits but the current implementation is fundamentally and fatally flawed.
Anyway, we shouldn't even be posting this on the GBZ thread. It's only relevance to GBZ is that it is just another environmental factor preventing any rapid rise in shareprice, even if the drilling results are reasonable.
I will henceforth restrict any comments like this one to the politics thread!
GBZ Price at posting:
8.1¢ Sentiment: Hold Disclosure: Held
