"Treasurer Wayne Swan has said he “strongly disagrees” with claims the tax will damage miners."
It is now becoming clear that nearly 60% of new Australian IPO capital raisings in the junior sector of the resources industry are designated for offshore exploration, principally Africa, SE Asia and South America. The writing is on the wall that the damage has already been done by this new tax to business confidence in Australia. Australian investors are choosing to invest outside Australia in what are considered to be third world countries because they see them as lower risk than Australia.
