It is 40% pre corporate tax. Which is how they get to a 58%...

It is 40% pre corporate tax. Which is how they get to a 58% effective tax rate when the two taxes are mutiplied through

The government are effectively nationalising Australia's resource sector, in essence becoming the most exposed player to the resources boom.

Which is sobering for the smaller companies looking for infrastructure access, in this world the juniors are effectively taking on the government for access - any risk to losing system capacity wont be tolerated with the budget on the line. AGO are better positioned than the inner Pilbara juniors, but still not good.