Posted in | News | Mining Business

Wayne Swan Refuses to Release Mining Tax Numbers

Treasurer Wayne Swan refused to release the figures and assumptions relating to the Minerals Resource Rent Tax (MRRT) despite a Senate order. He said that to do so would damage the economy and it would be grossly irresponsible. The Gillard government is standing by the Treasury estimated of the MRRT raising $10 billion from the mining sector.

West Australian Liberal Senator Mathias Cormann, who is now the Opposition assistant treasury spokesman, and South Australian independent Senator Nick Xenophon have urged the government to release its assumptions and the information that it has on commodity prices. Senator Cormann has also said that the government's claim of a new era of openness and transparency is in complete tatters.

He also said that if the same assumptions were used for the Kevin Rudd's super profits tax it would have raised $24 billion. He considered the changes in assumptions extremely important and very relevant. He also said that without access to these assumptions nobody could tell if there was anything credible in what the government is saying.

However Mr Swan refused to yield and said that it was very market sensitive and it was simply absurd to suggest that sort of information be put into the public arena.

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). Wayne Swan Refuses to Release Mining Tax Numbers. AZoMining. Retrieved on April 26, 2024 from https://www.azomining.com/News.aspx?newsID=489.

  • MLA

    Scanlon, Joel. "Wayne Swan Refuses to Release Mining Tax Numbers". AZoMining. 26 April 2024. <https://www.azomining.com/News.aspx?newsID=489>.

  • Chicago

    Scanlon, Joel. "Wayne Swan Refuses to Release Mining Tax Numbers". AZoMining. https://www.azomining.com/News.aspx?newsID=489. (accessed April 26, 2024).

  • Harvard

    Scanlon, Joel. 2019. Wayne Swan Refuses to Release Mining Tax Numbers. AZoMining, viewed 26 April 2024, https://www.azomining.com/News.aspx?newsID=489.

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.