Yes we remember how well Labor are organised, as Wayne Swan's MRRT always comes to mind!
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All 156 pages....
Australia's effort to levy extra taxes on mining companies has been an unmitigated debacle, capped by the passage early this morning of the Minerals Resource Rent Tax with a further last-minute compromise.
It is one of the great lose-lose outcomes - nobody wins.
etc,etc,...
According to Brian Toohey in this morning's Financial Review, the cost to the budget of the extra superannuation tax deductions will be $4.2 billion in 2019-20. The total cost of the concessions connected to the MRRT will be $9.4 billion in that year - less than a third of which is paid for by the revenue to be collected from the MRRT.
In the 2012-13 financial year, in which the budget is supposed to return to surplus, the net cost of the MRRT package - revenue minus giveaways - is $1.7 billion.
It is, in short, a joke. Everybody loses. It was an idea designed to help Australia deal with the terms of trade boom that has been bastardised by politics into a complicated impost on mining that achieves nothing at all and in fact worsens the position of everyone involved.
http://www.abc.net.au/news/2011-11-23/kohler-mining-tax-everyone-a-loser/3688070
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But wait, wait, wait ...theres more!!
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. How could we forget. Anna should not have got his consultations to help!!
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