what it will do is accelerate exploration and development in lower tax jurisdictions...the Africans will love this...I actually think a small surcharge for resource profits would be reasonable (say 1 or 2%) if it were preserved, instead it will go into consolidated revenue and get frittered away on hare brained schemes and spin.
It also makes Australia riskier in terms of sovereign risk when a government goes after a sector simply because it is successful...we're actually destroying much of our comparative advantage.
