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Reserve Bank Member Says Mining Tax May Hurt Economy

By Joel ScanlonJun 9 2010

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.

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.

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