Rudd in grabbing the profits has in fact tried to nationalise...

Rudd in grabbing the profits has in fact tried to nationalise the industry I reckon

but NCM's chief thinks it may fizzle (along with Rudd perhaps)

http://www.businessspectator.com.au/bs.nsf/Article/Resource-tax-will-pass-unchanged-Newcrest-pd20100504-553DP?OpenDocument&src=hp5

xxxx here's SP on another thread - great post (:

Forum: ASX - General (
Post: 335956 (Start of thread) Views: 144

Fancy Rudd's justifications for a fair and equitable new 40% tax grab of resource company profits being in the fine print, so we all missed them!

Well here they are.

1. Every resource company will be eligible to a 40% rebate on exploration cash burn.

2. Every resource company developing a mine will be entitled to a cash bonus from the Government equal to 40% of mine development costs.

3. Every resource company will be entitled to a cash bonus from the Government equal to 40% of mine maintenance and equipment maintenance expenses.

4. Shareholders subscribing capital to resource company share issues will be entitled to a 40% cash rebate from the Government of the total amount of money they subscribe.

Come to think of it Rudd, while you're doing that to make a fair and equitable 40% new tax grab, why not just nationalise the whole resources industry?

Your Government is a self anointed expert on the Resources Industry and obviously would be able to manage our Resources Industry and run a mining company like BHP better than the Industry Chiefs that BHP employs.

After all, that's child's play compared to fitting insulation in people's houses. And we all know how well you did with that.

Now why did we believe that Russia and Bolivia were bad places to invest because of political risk?