"There will be some short term pain from yhis, then everyone...

"There will be some short term pain from yhis, then everyone will get back to it and little will have changed, except the Australia people will be getting its fair share of it own finite resources."

I'd love to hear how you figure that it will be business as usual after a little short term pain.

In case you havent noticed the global reaction to this proposed tax has been to increase the sovereign risk associated with Australia. (If you dont believe the media, take a look at the plummet in the Oz dollar, caused no doubt by the flight of cash to a safer currency as foreign funds are pulled out of Oz as soon as they were available from the dumping of Oz stocks earlier in the week)

So less funds will be available for investment here, mining project or not, and what funds are available will be at a higher cost, for all industries.

Couple the increase in funding cost with the new tax, and its easy to see that many smaller mining projects will not be viable, quite apart from the big end of the sector shelving projects just to make a point. Net result is a crimp in the growth of the resource sector.

Now mining is only 7% of gdp,but for every job created directly in mining, 3 more are created to service those new mines.

Where are the jobs going to come from? Our manufacturers? good luck