I almost agree with Alan, It can never go into general revenue. Sovereign wealth fund, a bit yep, but investment in non mining sector and reduction of non mining taxes best first off. But has to be re-allocated, revenue neutral. A wealth fund is great when sufficient enough to reduce the value of AUD by having the fund in FX or if the mining boom is short.
I also agree we have lost a big opportunity, now mining returns will go into re-investment the massive profits maybe gone.
It is a balancing act, pointless having mining if no benefit to the community or even worse kills off export, tourism and education because we do not have much else. These sectors employ most Australians, not mining. So do not want to discourage the investors as they are critical but then we should not be giving away this much either.
