Crank up mining royalties on Iron ore, page-205

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moorookamick

23,154 Posts.

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10/11/20

09:32

Post #: 48756987
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Originally posted by moorookamick: ↑

Te multinationals dont own the iron ore in the ground, The Crown of WA owns it and charges a royalty for its mining on a finite lease basis.
The iners have the right to relinquish the leases just as the State has the right to vary the royalty rate.

First of all we would have to ascertain how much a mega steel smelter/mill would cost. IMO $50 billion would about do it including the formation
and securing the SEZ.

The Pollies can find lollies if they wantto do so:
-$70 billion for the silly NBN + another $20 billion to complete the fibre to the home (half is fibre to the node now)
-$300 billion of welfare handout to counter Covid/recession with more to come
-$300 billion for subs, aircraft & warships
-$100 billion for drought & fire

So, IMO its all about political rather than leaving it to multinationals who will do precicely what they are doing with our resources now
which is spiriting nearly 90% of the profits overseas and leaving us with the crumbs and a few jobs.

SEZs are not about Aussie jobs (like Saudi Arabia & Singapore we'd have to employ cheap overseas guest labour to be globally competitive)
Te Labor Party objects to this but they dont object to:
-Backpackers working on farms for minimum wages & below
-Guest Islander workers replacing the backpackers due to covid
-outsourcing of call centres to te Phillipines, India etc
So why should there be an objection to employing cheap foreign labour in SEZs whan all PAYE Aussies would enjoy the benefits in the form of
massive personal tax reductions (provided that the SEzs and the businesses within them are 100% Aussie owned)

Our billionaires have amassed personal fortunes via our relatively low tax regime:
-Reinhart ....$26 Billion (ex Iron Ore)
-Twiggy........22 Billion (ex Iron ore)
Wrights........$? Billion (ex iron Ore)

Wouldn't it be reasonable to ask them to re-invest in exclusively Aussie owned SEZs?

In the interim, we can always lift the Royalties on iron ore and withold the refund of GST to those multinationals who are refusing to pay corporate tax now which would certainly kick off the SEZ Fund , IMO. The appropriate way to deal with China at present is to simply impose an export tax
on Iron ore to China just as China is bunging import taxes on our exports (eg: barley 80%)

IMO making China pay for our SEZs in the shorter term so that we can become economically independant from China (who is now abusing the
Aus-China FTA) is poetic justice, IMO . Trump supporters on these hreads should have no qualms about that because Trump did a tit-for-tat tariff
imposition program on Chinese imports. All is fair in love and (economic) war...eh?

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https://www.gq.com.au/success/finance/gina-rinehart-tops-australias-2020-rich-list-with-a-fortune-of-29-billion/image-gallery/8b13443248a3b802cf731f2d7f43dfbc?pos=2
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