The MRRT is just a tax grab; Gillard and Swan last year admitted...

The MRRT is just a tax grab; Gillard and Swan last year admitted as much. That is why the focus is on bulk commodities, and why the tax has had no thought whatsoever as to how to improve the efficiency of the industry.m

The MRRT was designed largely by BHP, Rio and Xstrata, and because of the market based depreciation concessions, will have next to no impact on their operations, as they have effectively excluded themselves from most of the tax. They walked all over Gillard & Swan, whose stunning lack of commercial understanding have left them to fight over the scraps, which the Big 3 have designed to be punitive to the aspiring juniors.

All up the MRRT was a disgrace, but BRM probably would have been able to get reductions from the tax as it was a benefciator.

Anyhow Wah Nam has delivered BRM an infinitely more damaging blow than any MRRT ever could. I would gladly see BRM pay double the rate of the proposed MRRT than have Wah Nam as a majority shareholder.