facts destroy the coalition's fear campaign-1

From Jessica Irvine in The Age. Extract -

So, has the prospect of higher taxation killed mining investment and jobs?
Hardly.

Bureau of Statistics figures show that at the time of the May 2010 announcement there were 182,000 Australians employed in the mining sector. As at February this year, the figure was 250,000, an increase of 37 per cent. Perhaps we could reason then, that the MRRT contributed to the creation of 68,000 jobs.

The other threat by miners was that they would have to take their bat and ball and go offshore to dig up precious minerals elsewhere. Investment in this country would slump.

Has it? Not at all. A survey of the capital expenditure of firms in Australia - spending on buildings, equipment and machinery - shows the quarterly spend of the mining sector was about $9.5 billion in the June quarter of 2010.
On the latest count, released this week, capital spending was $20.9 billion across the first three months of this year, an increase of 121 per cent since the super profits tax was first announced. In the intervening period, the mining industry has invested some $104 billion in new equipment, building and machinery.

http://www.theage.com.au/business/nations-golden-goose-plump-with-riches-for-all-20120601-1znb8.html?rand=1338558315060


For all the rubbish, all the hysteria, all the distortions that were and are being made, the Coalition and the mining industry should apologise. And all the posters here and the media who deliberately whip up fear and misrepresent the facts should also do the same.