ANOTHER LABOR FAILURE Mining tax takes 'massive hit', raises $126m

[nero_bolt]

ANOTHER LABOR FAILURE Mining tax takes 'massive hit', raises $126m 

http://www.dailytelegraph.com.au/news/mining-tax-raises-126m-so-far/story-e6freuy9-1226573685683

THE mining tax, which the Federal Government needs to fund projects worth billions of dollars, raised just $126 million in its first six months.

The failure of the tax had been the Government's most embarrassing fiscal secret.

Treasurer Wayne Swan today released the revenue figures from the Minerals Resource Rental Tax (MRRT) for the first time after the Australian Tax Office was assured no information about individual corporate taxpayers would be identified.

Originally the tax was to raise $4 billion a year, then $3 billion. But late last year that figure was downgraded to $2 billion

The $126 million for the first two quarters of the tax indicates the full year's tax revenue will be nowhere near the revised target, even though mineral prices are on the rise.

Iron ore prices are about $155 a tonne, with economists believing they will rise further to about $160.

"It's clear revenues from resource rent taxes have taken a massive hit from the impact of continued global instability, commodity price volatility and a high dollar," Mr Swan said in a statement.

"Revenues across the board are down substantially - MRRT is a profits-based tax that raises more revenue when profits are higher and less when they are lower.

"The Government has always supported increased transparency in our tax system and we believe any revenue from the MRRT should be published, which is why I am making this information public after it was received earlier today."

Mr Swan said the Australian Tax Office was confident disclosing the first two quarters of the tax would not breach taxpayer confidentiality of mining companies.

Liberal and Greens combined in the Senate this week to demand the Government release the taxes revenue performance. The Greens want to impose a tougher tax to get more money while the Liberals have vowed in Government to abolish the MRRT.

Meanwhile, the mining industry maintained its argument it already pays a lot of tax, with a spokesman of the Minerals Council saying company tax and royalties last year amounted to $20 billion

[nero_bolt]

[kengillard]

o dear!

[newstart2380]

looks a bit like the two headed snake me thinks

[lakeland27]

so swans 'blunder' raised 126 million. the opposition say it took 'tens of millions' to administer.

if we take them at their word, that leaves 100 million raised by the 'super profits tax' .

nothing to sneeze at.. but less than hoped for as commodity prices dipped sharply.

100 million sure as heck beats nothing though.

How does it rate against "costello's blunder'' though ? costello sold off australia's gold reserves, and at todays prices that is a loss of 5 billion ..

swannys good isnt he ? 🙂

[2106greencat]

ANOTHER LABOR FAILURE

Who TF cares?

Seriously, has anyone actually taken a really good, serious, long, hard, thought out look at the options we have at any given time in any election. I for one do not give a rat's behind who get's in power next. I could give less of a toss about who is in power now.

In the 40+ years I have been around, I honestly do not think I can name a government that has done a GOOD ALL ROUND JOB - a job that has pleased all the people ......

Can You ?

[catsnknots]

The Pro Government ABC and been given and extra $10 million in funding.... I wonder why? 

[catsnknots]

so swans 'blunder' raised 126 million. the opposition say it took 'tens of millions' to administer.

if we take them at their word, that leaves 100 million raised by the 'super profits tax' .

nothing to sneeze at.. but less than hoped for as commodity prices dipped sharply.

100 million sure as heck beats nothing though.

How does it rate against "costello's blunder'' though ? costello sold off australia's gold reserves, and at todays prices that is a loss of 5 billion ..

swannys good isnt he ? 🙂

Fact check... it took $50 million to implement... 

tell me how can the worlds greatest treasure get is so wrong.. he says it is because of the GFC and high dollar.....   well the GFC and High dollar  have been a factor for a while... 

[lightningdance]

The Pro Government ABC and been given and extra $10 million in funding.... I wonder why? 

They got it for the election year didn't they. Miss Sales, Tony Jones, Emma Alberici will be beating the drum for Labor.

I truly hope that when Abbott wins the election the ABC will get a swift kick up the ass to dislodge the left groupthink. We live in hope

[nero_bolt]

Swan and Gillard have already spent the billions that they didnt get from the mining tax and now the worry is how much more will we borrow to pay for their reckless spending.

Its a failure and a massive one at that and no matter how the luvies try and sugar coat it, its a massive failure...