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Battle for bigger bite of mining profits

PostPosted: Thu May 13, 2010 10:58 pm
by HVPA_research
Phillip Coorey from Sydney Morning Herald makes an interesting observation in this article Battle for bigger bite of mining profits dated May 1, 2010.

THE federal government is readying for a battle with the mining industry, claiming the people's share of profits had dwindled over the years to unacceptably low levels.

With the Henry tax review - released tomorrow - recommending a federal rental resource tax on the mining sector, new government analysis shows the return to taxpayers through existing state government royalties and resource charges has failed to keep pace with mining profits.

Before the mining boom a decade ago, the people shared $1 in every $3 of profits. Today they share $1 in every $7 (our emphasis).

Well, we can all still remember that mining companies were not duing all that badly ten years ago.

Read the whole article here.