Wayne Swan Says Less Tax Revenue from Mining than Expected

The Australian Treasurer Wayne Swan spoke to the Queensland Media Club and told them that there would be no rivers of gold from the mining industry in the upcoming budget.

Mr Swan said that there would be less tax dollars coming in from the mining boom than what most people expected and this was going to make it a tight budget.

Mr Swan said that even though the mining boom would ride on the high commodity prices, mining companies will be writing off the value of capital expenditure and so they will pay far lower taxes in the period. He added that the expectations some people have about the volumes of revenue flowing in from the mining boom are inflated.

In immediate response the opposition and the mining industry called his speech nothing more than laying groundwork of excuses for the budget. The opposition leaders said that the Labor led government had to hide their own poor economic management behind some excuse and they were talking about lower revenues from the mining industry as a scapegoat.

Mitch Hooke of the Australian Minerals Council also said that the Treasurer was again twisting facts to suit his political interests. Mr Hooke said that Mr Swan did not mention that the mining industry tax payments have doubled since 2008-09. Also these taxes total 24% of the company tax receipts in the same year.

Joel Scanlon

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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.

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