of course hockey was triumphant, we all know who he is working for and it ain't us. Why shouldn't these billionaires pay for taking our natural resources and most of the profit goes offshore, it works well in other countries and it could have been great for us as a nation. Our health, education and welfare could really use some more cash, but no, much better to give the ultra wealthy even more. Mining companies will continue sacking workers around Australia as they have been already even though profits are up, productivity is up and wages are stagnating they will continue to downsize their workforce. When the ALP wins the next election lets hope they can stand up against these greedy parasites and make sure that the billionaires are made to contribute.
http://cfmeu.com.au/The%20Australian%20Resources%20Boom%3A%20Sharing%20the%20Benefits
From the CFMEU Mining Div., about the MRRT sept. 2013
A surge in profits generated during Australia’s decade-long mining investment boom has failed to deliver the long-term economic benefits Australians deserve, according to a new report into the economic benefits of the resources boom.
The Australian Resources Boom: Sharing the Benefits by Graham Larcombe and SGS Economics and Planning shows that record mining company profits have far outstripped growth in resource taxes and royalties.
Meanwhile, the array of deductions available to mining companies leave them with a corporate tax rate lower than any other industry.
The wide-ranging report commissioned by the CFMEU shows that while the resources investment boom is winding down the production boom is still going strong.
The report finds:
• the share of industry income going to workers has fallen from 30% in 1990 to 20% now
• mining industry cash flow after operating costs nearly doubled between 2006-07 and 2011-12
• the royalty and tax regime covering mining is archaic, complex and inefficient
• mining communities are lagging behind in social infrastructure and services, exacerbated by the growth in fly-in fly-out commuter workforces
• mining hasn’t driven enough growth in other sectors of the economy like manufacturing
• a sovereign wealth fund could use proceeds from resources development to invest in long-term projects in the national interest.
