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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 emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

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