Thursday, 27 Oct 2011
Bloomberg cited Mr Martin Ferguson Australian Resources and Energy Minister as saying that Australia, the world biggest exporter of iron ore and coal, isn’t considering extending the scope of its new mining tax to cover other commodities.
He said that “We clearly entered into agreement with the mining industry last election and we remain committed to that agreement.”
Mr Ferguson said “Don’t believe everything you see in the media. We have basically an agreement with the mining industry and that’s basically been nailed down.”
The tax, forecast to raise AUD 7.7 billion in its first two years from July 2012 will be used to lower the corporate tax rate to 29% from 30%, encourage retirement savings and pay for roads and railways.
(sourced from Bloomberg)
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