OECD Backs Higher Australian Mining Tax

The Australian government has seen the proposed mining tax being criticised and slammed by the mining industry and analysts but it remains committed to seeing it passed into law. The federal treasurer Wayne Swan said that they would fight for it in the parliament as it was good for the economy.

The Organisation for Economic Cooperation and Development or OECD said that the Minerals Resource Rent Tax (MRRT) was justified in an economic report on Australia that it released on Sunday. Mr Swan was delighted with the endorsement of the OECD for the proposed mining tax.

The Greens who hold the balance of power in the parliament have been touting for a higher tax level to raise more revenue for welfare projects. A fact that has been supported by the OECD which felt that the 30% tax level was rather low and that some revenue should be put into a reserve fund.

This has met with considerable opposition from the mining industry which is already unhappy with the deal that the Gillard government has cut with the three major mining companies, BHP Billiton, Rio Tinto and Xstrata. There seems a tough fight ahead for Australia’s mining industry.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Scanlon, Joel. (2019, March 19). OECD Backs Higher Australian Mining Tax. AZoMining. Retrieved on August 22, 2019 from https://www.azomining.com/News.aspx?newsID=1371.

  • MLA

    Scanlon, Joel. "OECD Backs Higher Australian Mining Tax". AZoMining. 22 August 2019. <https://www.azomining.com/News.aspx?newsID=1371>.

  • Chicago

    Scanlon, Joel. "OECD Backs Higher Australian Mining Tax". AZoMining. https://www.azomining.com/News.aspx?newsID=1371. (accessed August 22, 2019).

  • Harvard

    Scanlon, Joel. 2019. OECD Backs Higher Australian Mining Tax. AZoMining, viewed 22 August 2019, https://www.azomining.com/News.aspx?newsID=1371.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Submit