Australian Greens Pushing for More Revenue from Mining

With record profits announced by BHP Billiton and the alleged loss of tax funds due to the renegotiation of the new mining tax, there has been a call by the Australian Greens to impose a higher tax on mining companies.

A fact that the Australian Prime Minister is unwilling to consider as of now as it would not hold true to the pre-election agreement that she made with the three main mining companies of Xstrata, Rio Tinto and of course BHP Billiton.

BHP Billiton chief executive officer Marius Kloppers may not have been able to push through the Potash deal in Canada or even bring about the much hyped alliance with Rio Tinto in the Pilbara region but he has seen history being made with a half year profit of $ 10 billion being posted by the mining giant. The largest mining company in the world now has a market value of $247 billion. This is almost the same as that of the big four Australian banks combined.

Unfortunately the announcement that the government will raise $60 billion less in the coming decade with the amended mining tax has put the Greens out to seek more revenue from the mining companies. They are using their control of the Senate to pressurize the government but as of now Julia Gillard has shown no signs of budging in the minerals resources rent tax.

Will the Greens be successful in levying a higher tax on the mining firms? Only time will tell.

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