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 emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.


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