Unbelievable how incompetent this guy is.
40% tax on miners "super profits" wtf are you thinking.
Firstly his "super profits" are based on 10 year government bond rates, which are about 4.5%. To say anything over this is a super profit is an absolute joke. Mining companies take big risks to find and mine a good resource they spend many years on development (many fail) and have to borrow hundreds of millions sometimes billions of dollars to get these projects running. To imply that they have the same risk rating as government bonds is just unbelievably stupid.
Mining companies already pay over 30% tax, this increase effectively taxes them at 57%. Thanks for investing billions of dollars and helping us avoid a recession.
This is not only bad for anyone with super, mining stocks, or jobs in the mining industry this is bad for everyone.
Foreign investors will be taking their large amounts of money out of Australia, not just out of the mining industry. They will deem Australia too high risk.
The world economy is heading to the shitter real soon and we would have been in a good position to avoid the worst of it, now I'm not too sure.
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