This 'super profits tax' is the dumbest thing I've heard of for...

This 'super profits tax' is the dumbest thing I've heard of for a long time. However, whilst even PM Dudd can't explain what a super profit is, I doubt whether a lot of resource projects will be super profit earners in reality. Tier 1 Olympic Dam or Pilbarra iron ore holdings are a far cry from penny dreadful projects. I think there is (as there always is with proposed changes) major over reaction & it never fails to amaze me how we all just get on & take things in our stride (remember the cufufle about GST). Lastly, as I understand it the proposal is just that & will probably me softened amended etc (as per Resource Minister's comments) before actually enacting (if ever) & it's not proposed to commence for about three years. There is an election due late this year which Dudd may win (God help us), but another election would be due soon after the super profits tax came in & 3rd term wins are a lot harder than 2nd time wins especially when your opponents are bankrolled by the resource industry. Just some random thoughts as i agree with The Colonel that ADD looks to be sourcing profits from Indo in the near future thus outside the net. Today's sell off - just a vast over reaction to all things mining. Baby & the bath water stuff.