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May 7, 2010
In The Australian Arthur Sinodinos says that the resources tax on super profits means that it is now the turn of the big bad mining companies to play the national villains for the Rudd Government. He says:
They are lambasted as multinationals with substantial foreign shareholdings that are sucking the life out of Australia's non-renewable energy sources. Never mind the jobs generated locally or the royalties, taxes and charges paid at all levels of government.
The self-serving miners, who were successful in blocking an emissions trading scheme, are now making daily threats about stopping resource investment, cancelling projects and even nationalisation.
Now Sinodinos does make a reference to the national interest:
Australians will go along with taxing the mining sector more only if they can be confident it will not harm the national interest. And, broadly speaking, they support maximising resource development.
But he makes little mention of sharing the wealth from a booming industry that has grown and prospered to the Australian population.
Isn't the well-being of the Australian population the core of the national interest? Treasury thinks so.
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Amazing hysterics over this on the news last night. A bunch of billionaires crying into their wallets over having to share a bit of the excessive profits they get out of the ground. Poor little mites.