What I find extraordinary is the fact that Rudd thinks he can...

What I find extraordinary is the fact that Rudd thinks he can arbitrarily tax one industry significantly more than any others on the sole basis that their profits are "super".

A 40% differential is in effect government theft. The fact that at the end of this we will be creating more departments of bureaucrats to shuffle invoices back and forth between the states and the feds is another example of Rudds complete disconnect with the business world and the diplomatic la la land that he inhabits.

Unfortunately his complete inability to listen to anyone with view different from his own has actually resulted in us going this far.

Even if it doesnt get through the senate the market has been spooked.. Anyone with a 10 year investment horizon (like 90% of all the mining infrastructure projects ATM) will now be wondering whether the potential return on their investment will have a 30% hole in it.

To Rudd and his willing band of sycophants I salute you.. you have now single handedly thrown the sector back into the GFC slime it just crawled out of. The bankers must be laughing their heads off.