you have been "rudded"

Can we coin a new phrase on HC; Rudded.

v Rudded
1. The act of having your party ruined twice over and just when the damage is about to begin being repaired the fix also breaks down perpetuating the state of desrepair. e.g. Wow, that Australian Coal Seam Gas industry has just been Rudded

2. Frank Chapmans trip to Australia. e.g. On Franks recent business trip he got a real rudding



Another great article from The Austalian. Entire article posted below with Key sections bolded:
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Coal-seam gas tax confusion reigns as Rudd exits
Brett Glegg and Matt Chambers
The Australian
June 26, 2010 12:00AM

FRANK Chapman has had better weeks.

The BG Group chief executive flew in from London under the radar this week, confident there was a deal to be signed off with the Rudd government that would let his $10 billion-plus Queensland coal-seam gas export project go ahead under a certain tax regime.

He left on Thursday evening disappointed and frustrated.

Although BG's proposed Curtis Island LNG facility won state government approval for the project following a meeting with Queensland Premier Anna Bligh, Chapman still has no confidence at all on how the massive project will be taxed.

The tough and blunt East Ender landed in Brisbane on the BG corporate jet after dusk on Monday. He dropped into his local head office before trekking to Canberra to meet the prime minister on Wednesday alongside Shell Australia chairman Ann Pickard and other senior representatives of the LNG industry.

In an attempt to drive a wedge between the miners and Queensland's burgeoning liquefied natural gas industry, Kevin Rudd was poised to agree to a very generous deal for the gas companies to transition coal-seam gas projects. The same deal would have applied to the North West Shelf with the petroleum resource rent tax (PRRT).

The plan had been for a deal to be finalised and then announced yesterday.

The Weekend Australian has confirmed from several sources that the transition arrangements were proposed to last for five years.

The deal entailed a far higher hurdle rate at which any tax kicked in compared with the controversial proposed resource super-profits tax (RSPT), which stands at the commonwealth bond rate, or just under 6 per cent.

One source says the rate would have been more than twice that figure for the gas producers -- in fact, even more generous than the PRRT, which is about 11 per cent.

Even more importantly, unlike the RSPT, development and acquisition costs could have been written off during the transition, further significantly lowering the point at which any tax kicked in.

The Rudd plan had been resisted ferociously by Treasury Secretary Ken Henry, the architect of the RSPT, who feared the consequences of making concessions with segments of the broader industry.

But Rudd needed to take back control of the negotiations from Henry and Treasurer Wayne Swan.

It was too late.

News of the leadership spill against Rudd broke that evening and Julia Gillard was installed as Prime Minister the next day.

Any hopes the LNG executives had of wresting the concessions and gaining investment certainty were dashed -- at least temporarily while Gillard decides her next moves.

BG refused to confirm any details of Chapman's discussions with Rudd or the broader government bureaucracy.

"We have been engaged with the government and Treasury since the proposal was announced and will continue to do so," a BG spokesman says.

Perth-based Woodside chief Don Voelte was also in Canberra this week, trying to sign a deal that would have seen the North West Shelf LNG project, which would have fallen under the RSPT, operate under a sweetened PRRT.

Sources confirm the deal would have been neutral, possibly even positive, for the project.

Voelte has also headed back to Perth disappointed, with no certainty on the future tax regime under which his biggest earning project will operate.

Certainty is more important for the CSG players, who are not only trying to make final investment decisions this year but are also trying to secure buyers for the gas under long-term contracts and, in the case of Santos, sell a stake of up to 19 per cent in their projects.

Both CSG projects and the North West Shelf (the only offshore project not subject to the PRRT) would come under the RSPT in its current form.

Rudd wasted no time using the concession as a wedge.

On Monday night, before many big oil and gas players knew they had won a compromise, miners in consultation with the government were told that a concession was on the way. They were told the CSG players and the North West Shelf partners, who had been quietly negotiating while the mining industry railed loudly against the new tax, would both be getting a favourable deal.

In truth, they already knew. Top executives from mining heavyweights BHP Billiton, Rio Tinto and Xstrata had been pressuring their LNG brethren the week before to not "break ranks". They accepted that the CSG to LNG players deserved special treatment but they feared a situation in which the government favoured one sector to the significant disadvantage of another.

They probably sniffed victory and a potential change of government, so did not want to allow Rudd any wins in front of the electorate. That dynamic led Swan last weekend to make an outburst, claiming that "some companies are not behaving in an honourable way" in the debate and were using "strong-arm tactics to silence other companies both in the mining companies and more broadly in the economy".

Industry sources say they believed it was a direct reference to the mounting tensions between the big miners and the gas producers.

A major difference between the PRRT and the RSPT is that the former kicks in at 5 per cent above the long-term bond rate (of about 6 per cent), while the RSPT, which is also a 40 per cent tax, applies to profits above the bond rate.

Oil and gas producers are unclear where the deals stand now but see no reason why the proposal should not go ahead.

But if Gillard can negotiate with the miners, she might not be so keen to do a deal with the oil and gas players.

But there is not even certainty there.

The mining industry, while publicly optimistic about Gillard's tax plans, has reasons to be worried.

In her first televised speech as Prime Minister, she said Australians needed a fairer share of the nation's mineral wealth and the government intended to have the budget in surplus by 2013.

In parliament, she said the miners had agreed they could pay more tax, something no miner has said publicly.

Earlier this month, Minerals Council of Australia chief Mitch Hooke was asked whether this line, which had also been used by both Rudd and Swan, was accurate.

"The mining industry has made no secret of the fact that as you profit, you pay more tax; history has shown that, today shows that and the future will show that," was all Hooke would say.

Rio chief executive Tom Albanese has also said that he believes the company pays a fair amount of tax.

If Gillard and Swan are still prepared to give the oil and gas players concessions, they could be told of the outcome next week.

But if Canberra only made the deals to drive a wedge between the miners and the oil and gas industry, it may take longer to work out whether the miners and Gillard are really able to enter genuine negotiations.

It might be best for the coal seam gas industry if they are not.