rocklands development update 3rd sept, page-6

CDU is indeed fortunate to have the bulk of the funding sorted given the big miners view on Aussie investment -The govt hacks have well and truly tried to shoot the goose that laid the golden egg with their ridiculous tax regimes.

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Mining magnate Gina Rinehart has rebuked the Federal Treasurer for his attacks on wealthy miners.

In a video posted on the Sydney Mining Club website, Mrs Rinehart says Australia is the place she most wants to invest and create jobs.

But, she says it is hard to compete against low cost African projects where she claims people are willing to work for as little as $2 a day.

"These challenges are now beyond serious dispute," she said.

"To point them out is I hope no longer a sign of self interest, but a duty and a call for action." On top of labour costs, the chair of Hancock Prospecting says productivity problems and approval costs and delays are also making Australia an expensive place to do business.

"With state and federal debts we must get realistic, not just promote class warfare," she said.

Mrs Rinehart also talked of her plans for the creation of a special economic zone across northern Australia where she says there should be fewer regulations and taxes.

The Treasurer Wayne Swan has criticised many of Australia's miners who have opposed the new mining tax.

But, miners say they are faced with rising costs and falling commodity prices, creating a challenging environment to operate in.

Fortescue Metals Group announced yesterday it was slashing hundreds of jobs and delaying expansion plans in WA's Pilbara.

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