There is a basic difference between what the Rudd government is trying to do with the RSPT and what the Norwegians do
Norway - earnings from the royalities and taxes go into a sovereign wealth fund which cant be drained by any Norwegian government without a referendum and unanimous consent of parliament.
Krudd: RSPT is being sold to voters as a "fair share" when it is being used to plug a monstrous budget hole and NONE of it is to be preserved for future generations.
In my view, it is amateur, short sighted, destructive of investment and basically immoral as these are non replaceable resources which are being used to fund pork barrell spending by a desperate government.
How about just leaving things be and letting these companies pay dividends to Australian shareholders without taxing them to hell and back and actually creating wealth for the community?
In my book a "fair share" is one that is fair to ALL parties. 58% taxes are ridiculous on a global basis unless there is a specific goal of wealth preservation like Norway does.
