Uncertainty Continues for Australian Mining Industry

Mining tax woes for the industry seem far from over. With no clear winner emerging after the elections there is grave uncertainty over how the tax will eventually end up being framed and passed. This is causing mining majors to tread with extreme caution.

Investors are all going into 'stand by mode' until the mining tax issue can be resolved. It is clear now that caretaker Prime Minister Julia Gillard and opposition leader Tony Abbott will both need to make a deal for the legislation to be passed as neither party has won enough seats to form a government in the 150 member House of Representatives.

However with Abbott promising to scrap the mining tax and the Greens leader Bob Brown hoping to levy a larger mining tax it is unclear what will eventually happen. The Greens seem to hold the balance of power and may help to form the country’s first minority government in 70 years.

The mining majors such as BHP Billiton Ltd, Rio Tinto Group, Barrick Gold Corp. are all waiting and watching to see what kind of taxes they will have to pay. They are all major operators in Australia and will be deeply affected to the tune of billions of dollars in terms of taxes.

Joel Scanlon

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

Citations

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

  • APA

    Scanlon, Joel. (2019, March 19). Uncertainty Continues for Australian Mining Industry. AZoMining. Retrieved on July 15, 2024 from https://www.azomining.com/News.aspx?newsID=243.

  • MLA

    Scanlon, Joel. "Uncertainty Continues for Australian Mining Industry". AZoMining. 15 July 2024. <https://www.azomining.com/News.aspx?newsID=243>.

  • Chicago

    Scanlon, Joel. "Uncertainty Continues for Australian Mining Industry". AZoMining. https://www.azomining.com/News.aspx?newsID=243. (accessed July 15, 2024).

  • Harvard

    Scanlon, Joel. 2019. Uncertainty Continues for Australian Mining Industry. AZoMining, viewed 15 July 2024, https://www.azomining.com/News.aspx?newsID=243.

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
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.