The Resources Super Profits Tax (RSPT) proposed by the federal government in Australia on the mining industry is likely to cost the Australian economy more than it benefits it. This has been the main argument of all the critics of the RSPT.
Now in the latest installment of criticism on the RSPT the Queensland Resources Council (QRC) has thrown its hat into the ring. A survey QRC conducted has revealed that members of the QRC say that the tax would threaten half of the proposed expansions and start ups in the state.
According to 46% of the respondents existing operations may be require scaling back to remain viable, while 16% are considering shutdowns. This would involve the loss of 10,000 construction jobs and 4,500 operational jobs.
QRC has also launched an advertising campaign to warn fellow Queenslanders that the resources super profits tax may rob them and the state of a period of resource industry growth and opportunity.
The Queensland Resources Council is a not-for-profit peak industry body representing the commercial developers of Queensland's minerals and energy resources.