Not wasting my time reading the rest of this crap!Has anyone...

Not wasting my time reading the rest of this crap!

Has anyone actually READ the Henry report - or even just the parts of it that relate to the mining industry? Or even, in particular, to the resources tax? No? Didn't think so, because if people did they would be appalled.

I refer people to page 224 of the following URL:

http://taxreview.treasury.gov.au/content/downloads/final_report_part_2/AFTS_Final_Report_Part_2_Vol_1_Consolidated.pdf

If we assume this chart is correct, the % of income derived from mining minerals in this country is pathetic and little wonder that the miners are screaming blue murder - they have reaped enormous rewards and do not want the apple-cart upset! Its not about being fair, its about who gets the rewards, pure and simple.

I will not go into the numbers of who gets what, who pays what tax, etc. I am only looking at the numbers as shown on this chart and the associated comments - the Australian people are getting about 7% of the mining profits, based on a royalty only regime. Going to a tax regime based on mining profits will create a fairer system. Yes, there will be reduced profits for the miners, but there are measures in the report to offset some of this by reducing or elimiinating other imposts on mining and by assisting miners in their discovery and development endeavours, but no-one is talking about those right now.

The resource tax will cost miners more, but given that the royalty situation so one sided, it is not surprising the way the resource tax has been received - if I could pay you a fixed amount for a commodity that rises 20%, 30%, 50%, 100%, a year, I would be in too - and do all I could to protect "my investment". LOL!