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Redistributing Wealth: Behind the Hype of the Mining Super Profits Tax
The resource sector’s response to Australia’s proposed 40% tax on mining
profits was shock and disbelief. Mining heavyweights, including BHP
Billiton, Rio Tinto and Fortescue Metals, wasted no time in mounting an
aggressive campaign against a levy intended to pass a significant share
of mining profits to taxpayers and underdeveloped sectors of the
economy, on the grounds that it will make Australia uncompetitive. But
others are happy. Superannuation groups are excited by a tax that will
direct more funds into the A$1.3 trillion pension pool. However, top
economists claim that the economic argument over the tax – and
government taking a bigger role in the resources sector – has been lost
in the discussion about wealth redistribution.
View all episodes
By theBoxThe resource sector’s response to Australia’s proposed 40% tax on mining
profits was shock and disbelief. Mining heavyweights, including BHP
Billiton, Rio Tinto and Fortescue Metals, wasted no time in mounting an
aggressive campaign against a levy intended to pass a significant share
of mining profits to taxpayers and underdeveloped sectors of the
economy, on the grounds that it will make Australia uncompetitive. But
others are happy. Superannuation groups are excited by a tax that will
direct more funds into the A$1.3 trillion pension pool. However, top
economists claim that the economic argument over the tax – and
government taking a bigger role in the resources sector – has been lost
in the discussion about wealth redistribution.
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