smell a rat ?, page-8

Don't worry, Rudd and Swan are taking us there soon enough. Anyone like Ouzo?

I've got no problem with a resource rent per se (effectively the state royalties do this already) but its the rate at which its levied (40%) and when it kicks in, the government bond rate. This is as near to risk free as you can get and is hardly a "super profit". As you've pointed out mining projects are inherently risky and not always through bad management. The current resource rent on offshore petroleum and gas projects is the government bond rate plus 5%, a fairer return on risk.

If someone offered you a 100k pa job but then said on top of your normal income tax we'll deduct 40% off anything you earn over 50k, so its really only 80k minus tax, would you go "Yes, that's great, thanks"?

As for Greece, bring back the drachma.