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Reserve Bank Member Says Mining Tax May Hurt Economy

Jillian Broadbent, a member of the Reserve Bank Board feels that the Australian government’s proposed resource super profits tax is going to affect the mining sector besides the rest of the economy and 'shake up' consumer confidence. She belives non-mining states will have their economies impacted.

Chris Bowen, the Financial Services Minister insisted in a meeting with senior stockbrokers that the tax was in the national interest. He also clarified that no similar tax such as the resource super profits tax was planned to be levied on any other industry such as banking.

However Mr. Bowen’s optimism was not shared by Ms. Broadbent who felt that Australia was fast approaching the peak of its V-shaped recovery from the global downturn. However she did not feel that the economic problems in Europe would cause a slowdown in the economic recovery of the country.

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, content production, design, animation, database and networking, software, and editing. Joel has been with AZoNetwork since its inception in 2000.

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