Simon Crean the former trade minister and now minister for employment, workplace relations and education defended the controversial mining tax RSPT saying that in talks with overseas trade groups and financiers Mr. Crean never felt that Australia was seen as an unwise investment destination.
The watered down version of the mining tax which was proposed by the new Prime Minister Julia Gillard on Friday has been welcomed by mining industry majors.
Mr. Crean still feels that the there was nothing wrong in the concept of the original tax as proposed by Mr. Rudd. However as the miners felt that the tax was unsuitable and not helping their cause the government had decided to redesign it.
Despite the new MRRT being announced on Friday the impact on trading in stocks of BHP Billiton and Rio Tinto is yet to be seen.