$8 Billion Shortfall in Proposed Mining Tax
The proposed mining tax (MRRT) was criticized as being a mere election ploy by opposition finance spokesperson Andrew Robb.
The fresh attack on the MRRT came after global resources intelligence firm Intierra reported that the new tax would raise only $2.5 billion in the first two years rather than the $10.5 billion that the government had forecast.
The report estimates that just 50 companies would actually pay the tax and so the federal government will not be able to raise the kind of money that it said it would. The spokesman for Wayne Swan said that the government stood by its forecasts.
However Andrew Robb said that it was just a political fix to get through the election. He said that with the Greens backing the Gillard government would now widen the tax net to fill that gaping hole in their budget.
The almost $8 billion shortfall was being questioned by opposition treasury spokesman Joe Hockey, who said that the government needs to explain urgently just how it plans to make up the estimated shortfall.
Julia Gillard assured mining companies subject to the MRRT that the rate of the tax will not be increased. The treasury has not given any details about how the tax will meet budget forecasts.
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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.
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