The MRRT did not of course cost jobs, just another con job on behalf of the billionaires -
explanation of the tax - without hysteria
http://www.mining-tax.com.au/
Myth 1: The tax will hurt the Australian economy
Many analysts and business groups have come out in support of the mining tax. A group of twenty economists led by the former ACCC Chairman, Professor Alan Fels, have put to bed claims that this tax will hurt the Australian economy, saying that there is “no substance to claims that it could lead to a rise in the cost of living.” Furthermore, they say that “mining is different from other industries. It exploits our natural resources. The Australian public should share in that benefit..” and the present taxation system does not adequately capture the “excess profits” that are presently being made by the mining industry.
Myth 2: The tax will hurt the mining industry
Update:
Clive Palmer, the self-declared spokesman for the mining industry, has recently retracted his claims that he had scrapped mining projects due to the resource tax. He now says that he was exaggerating.
If one listens to the mining CEOs and the Liberal party then this tax will spell the end of mining in Australia. However, according to just about everyone else, the tax will not hurt the mining industry at all; it may even benefit it. A group of twenty economists led by former ACCC Chairman, Professor Alan Fels, have released a statement in support of the new tax. They argue that the current system of royalties actually deters production, as it means that the miners must pay the states whether they are turning a profit or not. Whereas, if we tax the profits which return above 6% on the initial investment, projects which would otherwise be too expensive become profitable. The table below illustrates this, showing that projects which return up to 10% on the initial investment make more money under the new system.
