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Disregarding the political implications for a moment, the thing that most fail to understand is that the resource tax is not just an Australian tax but soon a worldwide tax.

China thinks it is a good idea and is implementing a similar structure and you can bet Canada etc won't be far behind.

Governments are strapped for cash and they will get their revenue where they can and the only place at the moment is commodities.

Perhaps Australia should have waited till someone else moved first but we do have a history of making moves early in many areas of policy.

Although we have survived the depression well so far, consider whether nations would prefer austerity budgets or increased taxation on profitable areas of the economy.

Ask a Greek!