Given mining companies only pay 14% tax rate - it would have been a good idea. Also - you don't seem to have understood how the tax was to be applied.
Over a year later, Mining companies are incredibly profitable, so much so they're buying out the media. And every other sector of the economy has declined. Wouldn't we have been in a better position if the Rudd government had been able to pump some of those super profits into the struggling finance and services sectors?
youve got absolutely no idea on how it works... lol... smaller companies actually end up paying less. and also mining co's generally dont give dividends. and its not 40% straight off the profit.
BHP just completed a $6b share buyback - that means theyre actually trying to get rid of money.
You refer to the big mining companies and name BHP Rio Tinto and Fortescue. Fortescue Metals Group is a new start up mine and an absolute minnow in contrast to BHP & Rio. Andrew Forrest would be very pleased if FMG was one of the big miners.
That is why Labor governments are always looking to prop up new taxes (ie alcopops, cigarettes, luxury car tax, state taxes such as stamp duty on property purchases and yes the failed mining tax)...because it is their only answer to plugging holes in their budgets which they can never run into surplus. Labor are wasteful and successive labor gov'ts in power only ever get worse.
@politicalkid That argument is typical rant from labor politicians & supporters...but it simply does not stack up against Labor's record in government where both at the federal & state level, they have a marked track record of waste and mismanagement. Take the pink batts fiasco or the canned cross city metro here in Sydney which saw the complete waste of more than $400 million. Labor quite literally flush tax revenue down the toliet once in power & more taxes under a labor gov't means more waste
Alternatively, they could make illegal hoarding a federal offence, that is, if it isn't already. My head hurts. I don't know why I am worrying about such irrelevant trivialities. That's right, back to uni daze to relive my youth. Hey, if they weren't worried about illegal hoarders, maybe they could print more dollars, maybe businesses could ask for subsidies, maybe industrial relations rights would be more consistently upheld, maybe I wouldn't have to do a black market PHd, and could just be
Just to tax mining across the board seems discriminatory. What they should introduce is say "The Investment Tax" where people/institutions of a particular level of wealth, who hoard their profits, and fail to invest back into the economy, are required to pay tax back to the government who, no doubt would invest back into the economy.
@cliptwingz The resources tax is effectively a charge for the resources removed from the ground that are owned by the Australian public. It has nothing to do with the wealth of individuals who can afford to pay higher income tax. Income tax is entirely different to resources tax. People REALLY need to google "The reources curse" When you have read that I think you will easily understand the justification for the resources tax..
Hmm. A resources super profit tax worked a treat in Norway! So it's tested and proven to be of huge beneift to a country. Maybe it's just the mining states whinging. The same states that take GST earned from profitable states as they can't earn enough for themselves. But no payback huh? How un-Australian of you all. All take and no give. Perhaps the federal government should give the GST raised to states who raised it. Now that sounds fair. You've been in the top paddock far too long bro!
@GrahamAndFriends Perhaps you need to relook or recall your video. You definately project a very negative damaging effect from the mining super profits tax on mining companies, the country, superannuation, shares etc etc. Pretty hard to believe you agree with a resources tax..........
I suggest anyone who wants to know why Ken Henry, Oz's chief economist put the tax forward they should google "The Dutch disease" or "The resources curse"
If you find it hard to get a house you can blame the escalation in prices on the mining boom. Immigration of skilled workers for miners puts huge demand on housing
There are only 150,000 workers engaged in mining but 550,000 engaged in agriculture. Agricultural, Manufacturing, Education institution, jobs are more at risk than the miners jobs are.
If the mining boom isn’t handled properly when it is over we will be as poor as the people in Nauru where the phosphate deposits have run out
Aussies don't know that a high dollar has negative effect. Most know about the “2 speed economy” but don’t know what effect it has on other sectors of the economy.
Vignerons are tearing vines out of the ground because their wine is too expensive in export markets. Same for other farm products. Tourism and foreign student enrolments plummet. Manufactures like cars are too expensive to export. Prior to the WW 2 17% of Australian workers were in manufacturing. That figure has shrunk to 8 %.
Dude, you really need a better idea of economics, government tax policy and the nature of the fucking tax that you're talking about. Its not a 40% tax on profits, its a 40% tax on super profits. Why don't you put a lid on it and learn some economics. Its misconceptions like this that destroy governments and its idiots like you that believe the media when they call this a super tax.
Think about how you can't drive for 3 hrs without seeing a mine, think about carbon emissions mining has caused. Think about radio active waste being dumped here in the future. Think about the deaths in mining. Ive worked in the mining industry most of my life. Think about future resorces for future generations, Whats the rush to get it out of the ground? You can only dig and sell Australia once. It buys time for new technology. We shouln't be using Deisel machinery underground with workers.
i generally agree with kevin rudd to impose 40% tax on miners. and if BIG & established companies dont like this then they can mine in some other coutries where there are rebels, corrupt government officials and lots and lots of thieves.
in australia miners are desrupted only by natural events while in some countries rebels burn or sabotage there operation and equipments, while corrupt officials might ask for outrageous favors. if big co. leave, they will come back. dont be fooled by them ozz!!
mines deserve tax, there just crying because they make $100 billion profit instead of $150 billion profit.
when it comes down to it, there are limited resources on the planet so eventually they will come back to mine in the "tax" country. Its a stable country and no security issues, like sth africa and PNG. The mines spend millions investing in security and bribing warlords but cant pay tax that benefits Australians. at the moment only a small % of population make more cash than normal workers
@TellinTheTruth i agree with you.autralians think that they owe something to big co.CEO's that they have to protect these guys. if these guys go, then let them ravage somewhere else and after everythings gone then australia will be left with very valuable resources. i can not fathom why kevin was replaced because of this issue.
Personally I dont think the mining tax will have a huge effect on the us. The tax was about 40% of profits as late as early 2005. To me it just seems the Mining companies are whinging because they want to further billions in their back pocket. Its not like the mining companies wont still be making billions. It seems to me they've been using a misinformation campaign to make people fear the changes, and doing it for their own ends (greed).
@DreamChasing The resources sector accounts for 50% of our exports man so if this tax results in mining projects being canned then it will have a huge effect on our economy as a whole.
correct me if im wrong but was it not reported at a meeting for bhp that the reason for such large returns was because they could export minerals from australia so cheap, "now thats rubbing it in our face" hurt us all my ass, hurt their hip pocket more like it . lets national all our resources and work out what compensation australian should get in return a mine is only useful once but the farms and land it transforms is for ever,any way it might be a policy of the past in the morning.
mining revenue/profit has increased significantly in recent times...australians own the land the mining companies are making money off, its time Australian citizens get our fair share!!!
And like I said if it weren't for the mines and associated industry that dervives work from the mines there would be no one living in these areas...and you would subsequently have even greater pressure on the major cities as the primary director of population movements is jobs and money.
WHAT IS EVERYONE WHINING ABOUT? SHARES ARE SHARES! BE THE COMPANY OVERSEAS OR IN OUR BACKYARD IS BESIDE THE POINT. SUPER IS LONG TERM, I'D LIKE TO SEE THEM DROP TO UNDER $10 A SHARE AND AFTER THEY FIND ANOTHER COUNTRY TO RIP OFF THEIR MINERALS AND MAKE MULTI BILLION DOLLAR PROFITS THINK OFF HOW MUCH MORE MONEY YOU'D HAVE IN UR SUPER!! AUSTRALIA IS NO LONGER THE LUCK COUNTRY, SORRY TO SAY. WE ARE BEING SHORT CHANGED LEFT RIGHT AND CENTRE AND DOESN'T MATTER WHO YOU VOTE WE'RE SCREWED EITHER WAY.
Bit sus on the mining "plane accident" with vertually the entire Company on board, just after the labour party warned in a meeting with the miners just the other day "were coming after you"
I know they have used underbelly type of union tactics before but i just wonder if they have really gone this far or was it just a freaky coincidence?
Not Rudd's tax! this is an equitable tax for the whole of Australia, it is fair reward for our, note OUR resources, not bloody multinationals resources, it's in our ground and if you want it pay for it, you cannot keep stealing our wealth, payup or packup.
Not Rudd's tax! this is an equitable tax for the whole of Australia, it is fair reward for our, note OUR resources, not bloody multinationals resources, it's in our ground and if you want it pay for it, you cannot keep stealing our wealth, payup or packup.
kevin seems to care for an average earning australian.
one individual pays about 35% tax on his income, my question is why such big companies are paying only 11%. Mines digging out natural resources which belong to all australians, but profit goes to the company and china. ultimately australia and its people are at loss. now people who have invested in superannuation, these people must be making lots of heaps of money. I would suggest that dont care about millionaires, THANKS to KEVIN who thinks
@superministry ..under the proposed tax the mining companies will not onlt be slugged the 40% but also company tax...the real story behind this tax is that companies would end up paying 57 per cent tax. This is why it is so unbelievable and why future projects are under a very big cloud.
Be Educated. Your being lied to & you dont bother researching yourself. Rudd said we own the resources, if that's true why dont we just go and take the minerals? Our constitution says the states own the minerals (not Canberra), our state make money by leasing the land on our behalf to the mining companies who employ the people to find the resources. Our state collects royalties &they certainly don't spend it on us. You can even check royalty revenue on state gov minerals website.
These resources however will only be extracted by BHP, RIO etc if there is true and genuine economic incentive. This incentive is removed when the greedy and wasteful Rudd gov't starts interfering and asking for a $40% share. The tax is obviously greedy when you factor in that it is a full 10% higher than the current 30% company tax rate. It is pure greed and grossly negligent by a hopelessly incompetant government who is addicted to wasting taxpayers money.
@politicalkid ..you are a dope...it is not the few million that the company execs take home that effects the share price...it is the billions they will lose if this stupid ill thought out tax gets introduced. The tax is on company profits and it is company profits and hence overall value that determines share price you dumbass. Don't come on here ranting when you obviously have no education.
"what is going to happen when they implement this new tax"
I KNOW the big CEO slugs in the mining industry will have to sell one of their private jets and maybe sell that second house on St Lucia, but hey why on earth would they support it, if they did Mr Abbot would cry, because not only would the mining giants such as Clive Palmer stop using Mr Abbot as a puppet but they would stop flooding millions into the Liberal Party, now that would be bad, LABOR=Fighting for ordinary Aussies.
@rhettski999 ..The only thing Labor politicians fight for is themselves and their retirement nestegg. Just look at how many state labor MP's who have been booted recently...many of whom retain an annual salary of $130k a year...and most have done a shocking jobs. Labor looking after to common folk is the fraud they have been staging for years ...all they want to do is rip off the private sector to fund electoral vote buying since they have now wasted all the surplus left by Howard and Costello.
@danielmy08 And the innocent Liberals didn't make that much money when they were in office?, they have not "wasted" the surplus but have invested it into Australia so AUSTRALIANS will benefit, Labor has a good Economic strategy that will continue to see economic growth and unemployment going down, but best of all what they did was avoid a reccesion, no other advanced country did that.... $130K is nothing compared to THat fat slug Clive Palmer earning more than 2BILLION!!!!!!!!!!!!!!!!!!!!!!
@rhettski999 ..Ohh you think Labor has a good economic strategy do you?...Labor managed to take ALL of what you claim Clive Palmer has earnt and send it up in smoke...how you ask?..the home insulations scheme...or should I say scam! Dumbass, Kevin Rudd couldn't manage a chook raffle! The only reason we avaoided a recession was because our mining sector kept chugging along through 2009 with continuing demand from China and India for our resources.
@rhettski999 ...You are a dumbass ...The point I was making is that Kevin Rudd managed to rake the equivalent of what Clive Palmer is worth and send it up in smoke (literally) through the complete mismanagement of the home insulation scheme. I was not disputing what Clive is worth...nor was that my point. You are just an idiot.
@rhettski999 Of course you will. It wouldn't matter if Kevin Rudd came out tomorrow and said he was banning all future elections and making himself supreme leader...you would still support him because that is all labor voting sheep like you know. You have always voted Labor and you always will no matter how many roofs burn down, how much taxpayer money they blow (or should I say burn) or how many corrupt labor MP's rape underage boys (milton orkopoulos) or get caught leaving gay sex clubs.
@danielmy08 You are a dick. ha ha ha. I am pissing myself laughing at your rediculous comments all over the place. Why don't you stand as a candidate for a seat somewhere instead of bitching on youtube you wanker? Leave your lonely little existance and check out the country. There are towns all over the place that have been raped and pillaged by resource companies who don't give a shit once the resources are depleted. And the towns folk all have to leave their homes, for free and start all over.
@jesuslovesnachos ...Yeah what parts of Australia mate?? I'd like you to provide a few specific examples to back up your grandious claims. Most mining takes place is isolated regional areas of Australia...what housing exists in these areas is because of the mines...not the other way around as you imply that the mines have resulted in ppl leaving their homes cos that is totally false.
@danielmy08 Since your a well of knowledge and you state "most mining takes place is (should be in) regional areas" you should know.which areas. And regardless of who is there first, the people still make a life with families and must pay for these properties, shops etc. And resource companies still don't give a shit about these communities when they pack up and leave. Take a pick of towns - Silverton - Joadja - Timor, Vic - Cassilis - Homebush. vic - need i go on. And your guitaring sucks man
@jesuslovesnachos Oh so now you want to say "it doesn't matter who was first". Well it was you who suggested that the mining companies were forcing people to leave their homes..when in fact it is the mines that are causing people to move TO these areas. Mate I am well aware of the areas of Australia hence...my request to you was a rhetorical one in order to make a point. That point being that areas like Mt Isa, Pilbara, Geraldton etc would be scarcely inhabited if it weren't for mining.
@danielmy08 If u look into much of the history of mining areas, it's prospectors who enter the areas first & then settle. Then mining companies enter. Now it's mining companies who test & mine & create towns sure. But still working families buy the homes in the area only to leave without compensation when companies leave. And all Australians are left with a permantly scared land. That is of course if they still are alive to talk about it. i.e. wittenoom Even after super tax they still make $b's
@jesuslovesnachos Prospectors make their money from gold mate...not the resources extracted in large quantities at (comparitively) low unit weight price. Bendigo is an example of prospectors settling, the Pilbara & Mt Isa are not. What you are comparing is apples and oranges my friend.
@danielmy08 Prospecting is the physical search for minerals, fossils, precious metals or mineral specimens, and is also known as fossicking. Where does it say GOLD? What about silver? Opals? Your fancy mumbo jumbo means little to educated Australians who know better. A multi billion $ profit will still be a multi billion $ profit after resources tax. And market demands supply and projects. Not a resources tax. Your stuck in no land and not perhaps. What company do you own?
@jesuslovesnachos Yeah well prospecting is not the forerunner to all mining operations as you suggest,,,that is only your claim. Exploration is the main precursor to any new project. You are simply trying to win an argument by inventing a conveinient truth. Opals only constitute a small portion of our mining and minerals output. Silver is only valuable to large scale extraction. What about iron ore, bauxite, uranium etc...in facts if you..
@jesuslovesnachos in fact if you look at a map of where all the mines are in Australia it is quickly evident that they are all in isolated coastaland inland areas of mid and NORTHERN WA, inland SA, QLD etc. Australia is a huge country mate and with a small population of 20 mil we are not exactly strectched for land to live and build on. Having said that most of our population chooses to live in the major cities anyway.
@danielmy08 Ooh. This is fun isn't it. It's a resources tax. Oil, Gas yada yada. Still see no negatives. Regardless of who mines what. You continue to ignore the unwinable billions is still billions argument. It's the cruxt of the matter. Nobody loses. It's an undeniable truth that market demands control future projects. If government gave companies tax free concessions, market would still control future investment. What company would mine without sales even with no tax. Last word is yours.
@jesuslovesnachos The market always controls investment....but the company botom line determines if the project is feasible compared with obtaining from mines elsewhere.. and if mining projects locally are looked over in favour of those overseas our country loses out end of story. How you can construe a conclusion that "nobody loses" in such a scenario is beyond me.
There are so many myths and falsehoods surrounding this tax. The thing you people seem to neglect (and this is something the mining companies are all to aware of) is that the resources we have (coal in particular) is amongst the best quality in the world. Coal is in massive demand. The tax wont increase bank lending rates or sovereign risk. If you believe that you are truly misguided. Simple supply and demand. Australian people deserve some of the share of "SUPER PROFITS" made. Plain and simple!
I fail to understand how any Australian can support a tax, taxes stop growth -any tax impacts us, if not directly, it's someone middleclass like you thats going to be hurt. When the Government says they will tax an industry, the misconception is the company will pay the penalty. That is not true, the companies become tax collectors, its the people who will pay.
you really have know idear on what you are talking about do you, you have not red the way the tax works or is going to applyed go reserch it then come back with the real story.
@AustraliaTwo - Don't worry..the demand for OUR resouces will be coming from China...What I hate is seeing a fat cat American and a fat cat South African threatening all of us by throwing tantrums because the tax will impact on their obscene greed.
@AustraliaTwo Don't get personal about this. You don't know Graham. Graham has been working and should have no reason to seek your approval personally. Keep this discussion objective on the topic, and don't pick on our fellow partner, Graham who is much loved in Australia.
It is not 40% Graham. It is a sliding scale over an excessive profit margin. Most mines will not be effected. Those who are making such a huge profit in excess, can afford it, once they are used to it. Some of the money will be spend on the towns near the mines, like Dampier at the Pilbara, and transporting the stuff. I think Keven Rudd needs to negotiate a lower rate. But Tony Abbott wants to introduce a company tax. Those with companies will pay more taxes under Abbot.
Andrew Forest..angry?....and this man is worth 4 billion dollars.....the stuff underground belongs to all Australians..and it's about time we got our share...if Rio Tinto and the rest don't like it they are welcome to go elsewhere....what's left in the ground will be worth the super tax to some other company
South African born Kloppers was paid a $10.4 million salary this year,US born Albanese pocketed a 500% pay rise bringing his wages to $9.03 million.
It is not that any of these four mega-rich opponents of the super-profit tax can't afford to give a little more back to the Australian people… it is just that they don’t want to.
“Kevin Rudd’s new super-profits tax has won the endorsement of respected economist and mining company chairman Ross Garnaut, who has described its design as ‘elegant’.
Look at Norway it it the second richest country in the world measured by Nominal GDP per capita. Why? because they realize they need to benefit from their non renewable oil into the future. These resources are owned by the Australian society and not multi national conglomerates. If they want to rip off countries go to Africa, in Australia you pay for using Australian resources or you leave and someone else will happily take over.
This is merely another ploy to make back the money that this Government has wasted.......the ETS was blocked and failed which they thought would get through because it contained that sacred "environmental" component....now they try this....and if this doesnt work then it will be some other thing...ho many people work in the mining industry, even indirectly like the lady at the takeaway shop? fkn thousands and this is meant to be the working mans party!!!!!!
What are they going to do with this money generated? As proven in the last couple of years, this Governments distribution of taxpayers dollars has been fully commendable hasn't it? I don't think so!!! This taxation will affect everyone.......a fair chunk of most peoples super is invested in these such companys and that is where the difference will be......that is who will be getting punished, not the directors and upper management.....their bonuses and extravagant salaries wont be affected.
Australia has always been a very strong mining country, thinking in the long run, what's gonna happen to it if the mines really run dry? I think as governments, the money earned from taxation will have to eventually be used up, and it can be used up in many ways. While there are people who will suffer from the tax, I think much more will benefit from it when the government decides to spend it. Do remember that the ore prices has gone up a lot this year.
The RSPT isn't about tax, it's about POWER, who controls the mineral wealth of this country - aussie companies and shareholders or the socialist thieves in Canberra? The Labor party have gone back to their roots of 1950s socialism, which will destroy this country if allowed to happen ... so what allowed this to happen???? EASY! the criminal 1 Person, 1 Vote voting system that allows Crims and "Labor Leeches" to dominate the voting system. this needs to change! Multiple votes is the key!
This is what communism and socialism is all about. Spread and share the wealth around, punish those that are successful .Tax or take from the rich in the guise of giving it back to the people. This was what millions of people died for during ww2,Vietnam war and the cold war . Which included a lot of Australians .Now Kevin rudd and our government policies are favoring Socialism
We do live in a mixed socialist / capitalist society. Would people who comment or imply that this tax is Socialist & therefore must be 'bad' please also state that all forms of wealth redistribution such as our current personal taxation system which increases with the more money you earn is equally adhorent to them. Which, is a fair enough opinion.
I also think it is in the national interest to know that the chief political reporter for one of our major tv networks (ie Laurie Oaks of Channel 9) once used to employ the services of none other than our now current PM Kevin Rudd to clean his house. Major conflict of interest right there.
Graham, you're right and 10/10 for making the points you made. But regretably, this tax is definitely going to happen because Rudd will win the election and according to all analysis, The Greens will control the upper house after the election and they have already said they will pass the tax. Rudd has backed out of a lot of policies and cannot afford another U turn. Mate, I am just selling my Aussie shares, I'm just bloody sick of the lot of them.
@Hoodoo999 ..he has also failed on all of the policies that have passed the senate and been introduced..case in point - home insulation scheme debacle...if Rudd was able to make such a mess of this industry (which is now all but destroyed completely), imagine the widespread fallout and ramifications for this country if (rather when) he gets this one wrong. There is an alternative, vote no for the tax and vote Liberal!
@danielmy08 - sure, I will do that, but the media is very biassed toward Labor. Hockey and Abbott are harassed and heckled at Press Club while Labor is given a few polite questions. Look, what you and I think changes nothing. We'll just have to wait for some damage to be done before people will do something. That won't be very long.
@Hoodoo999 ...When you speak of the media it is channel 9 in particular who are biased. I think they were all a bunch of repressed commies under the thumb of Kerry Packer and when he passed on and James took over only to sell the network,, the nutty journos thought they could get their revenge. You only have to look at that idiot Ray Martin and Laurie Oaks to see what a slanted view they have.
@Hoodoo999 I also think the use of the worm and the so-called audience of "swinging voters" is nothing more than a cheap stunt by the folk at channel 9 to try and influence the wider community to vote labor. People at home should be able to make their own decision on a debate, not have it decided for them by a bunch of uneducated labor stooges and people off the street.
@danielmy08 the news tonight said that because of this tax, china is thinking of going to our competitor countries for raw materials, as they will be cheaper than aussie stuff.
@GrahamAndFriends ...and this will see us go into deep recession. We have been relying on the mining sector for too long and while I think the tax is wrong...I also think that governments have not been providing enough incentives to businesses locally...taxing them out of existence and too many cost barriers to hiring people. Our manufacturing sector will take the first hit and then financial markets followed by mum and Dad investors and finally the masses who will finds jobs harder to get.
I'll tell you why...because the government knows that the banks will simply pass on the increased costs to customers through higher lending rates and (further) increases in charges...yet Mr Swan would have you believe that there will be no increases in energy costs under a 40% tax. This is a gross double standard and demonstrates how flawed Labor party logic is.
@danielmy08 yes i think you are correct. I find it a very dumb thing for the government to say that this hug 40% tax want increase the prices of goods.
You are not doing your cause any favours mate. What about the mining companies AMAZING AMOUNT OF MONEY! Haven't you heard of giving to others or are you too consumed with your own little world. Rudd's is going to continue to piss off you and all of your ignorant money hungry mates so get used to it. You might even learn empathy for your fellow man one day. Ignorance is not bliss.
fuck it dude we've gone this far you kicked johnie out now suffer the consequence.... the world is fucked anyway. go all the way ruddy. you fucked it... whats the worst that could happen??? end up like every other nation! woopy do they want it like that anyway.
They promote australia like we've beat recession, Australia economy is still booming. no wonder every nation wants to come here.
danzvb- you are part of the problem. Its the greed on this planet that has made people like you upset. Take a look at the number of people on low incomes with no chance of buying shares like you. You entered a market that will go further down in value as you see the global climate problem get worse with all these mining companies pumping their waste into the atmosphere or bury it in the ground which is where your shares will end up too
I have BHP shares and I'm not worries. Just checked the ASX and the prices look solid for Rio Tinto and BHP Billiton. Not everyone's Super is in shares either. It's important that rich companies make a genuine contribution to the community they mine in, in this case Australia. Multi national mining companies will make commercial decisions in light of the super profits tax, just like they did in the GFC both of which they will survive. Australian communities deserve a fair share.
@thepinkfits ...and do you think with the enormous capacity of the Rudd gov't to waste money (eg home insulation scheme, school halls project, planned 43 billion dollar broadband network etc) that they would even manage and spend the revenue from the proposed tax in the best interests of the public...NO! It will simply be used to buy them more votes like they always do.
I'd just like to say, it's about time the greedy bastards gave back to Australia! They have taken our resources for too long. Sorry Graham, I disagree with you.
@GrahamAndFriends ..Graham you have either got to have a purely informative video (ie take no side on the issue) or take a side...not say "yeah I support the tax to one respondent" and no it is bad to others...
@GrahamAndFriends Let me ask you this then. Why don't the Rudd government impose a super profits tax on the big banks? Each are making profits of around $6 billion per year and most is made through excessive fees and charges? Compared to the $10 billion that BHP made in 2009, their's isn't too far off. The mining sector does alot more for this country than the greed driven bansk do.
Gday there Bud i am bloody furious at RUDD, the mining companies kept this country going when were going under in the GFC, i bought stocks in mining companies for my future and look what happens, Rudd i will never vote for you
This bloke who suggests to tax the mining companies 40% is a socialist!
I will eat dog shit if not!
That is the only think socialists can think of: raising taxes! That happens everywhere in the world (Greace is the current example for it) So on the other hand the government needs some money to support muslim migrants to australia! You cannot cut social security for them because they cannot find work wearing a burka!
@malsifood Greece is not only a prime example of the revolt caused by excessive taxation..but also demonstrates the end result of governments who mismanage taxpayers money and have poor fiscal management...both of which Kevin Rudd and Wayne Swan are practicing.
The big piece of the mining 'pie' is the salaries, not the profits. The workers already pay a lot of taxes. Taxing profits will just make jobs dissapear and will actually reduce the total tax collected.
@imre1000 Wake up! Salaries go many many workers, profits go in bulk to a few rich people. All the Bosses know, the states, and the unions all know this will have no detrimental effect on mining; its a fact. The only detrimental effect it has had is to rile the richest few people in the country into threatening and blackmailing us all with job losses and economic downturn if their dictates aren't obeyed. Don't be fooled; these filthy rich miners can, should and will pay more.
And if they don't, there's a cue of organisations as long as the Earth waiting to take their place here, mining some of the most cheaply extracted coal etc on earth. From America to China private and government companies are more then willing to pay the tax and make the profits if these fat cat greddy mining bosses are too pig headed to accept their fair share of responciblity to our society through taxation.
@Tuathalful, most Australians' superannuation funds have mining shares.
But lets assume you are right and only the rich will get less money, what about those people they employ? They could lose their jobs or have their wages cut.
Apart from taking their money and keeping it under their pillow, there's very little the rich can do with their money that doesn't create new jobs.
Take away those 'evil' profits, and many others will lose their jobs too.
Its about time these filthy rich, whingeing, fatcat parasites, raping our finite resources for the biggest profits they ever made, were made to pay a fairer share of the wealth they take from our ground, and their workers create, to Australia and Australians through the best and fairest means: tax. We own these resources and we need the revenue for the infrastructure and services the corrupt Libs ran down over ten years. The few pathetic arse lickers defending parasites like Palmer can eat shit.
PS: check up on it: these resource companies pay on average less tax in the dollar now then they did ten years ago. Fuck their crocodile tears. If they take jobs off shore out of pure greed, that makes them maggots, not the government or the people. These rich parasites want us to think the market is magic and forces them to hog as much as they can. when in reality these multi-billionaires can live like kings til death even if they never make another cent.
rudd has been spending money without pause. you think a cigarette tax and a mining tax is meant for anything other than to regain a little lost cash before the rapidly approaching election?
Hey, if we all become slaves of the state, the government can make a 100% profit on everything we do. Oh yeah, that's already what the governments are trying to accomplish through socialism and communism.
@Jeebiaja I read that petroleum companies extracting oil and gas from Australian regions have already been paying 40% in royalties to the governments for years. There is an argument that why shouldn't the mining companies be doing the same.
I suspect that there might be a lot of negotiation resulting in tax dropping down to say 30% provided the mining companies make certain undertakings such as increasing their investment in Australia; not sitting on mineral reserves for years etc.
Then the superannuation companies should be doing their research and "buying to sell short" and vice versa, in the name of their investors. They play the stockmarket game and they know what they are doing (supposedly) - They can also diversify more to cover any potential losses they may experience when and if the market does take a dive. But remember this.. The mining companies are always going to making more money as long as their geology is right, and the resource remains in the ground!
Whilst I don't like our smarmy Chairman Krudd at all the bottom line is that the for the amount of money mine workers get for the work they do the profit is riduculously high. The mining companies can afford to pay this because they're making very large profits on things that belong to all Australians. For any position you can think of the wage is generally 2-3 times that of the same job found in a city. Its not fair.
I would, however, like to see him tax the banking industry at the same rate.
Kevin Rudd, just like the American President Barry Sotero, is now dismantling Australian Industry, first it was the farmers, now it's the Mining Industry. Privatisation of public utilities and taxes to ensure Companies move offshore is the big thing at the moment to Bankrupt 1st World Countries into 3rd World Countries.
Graham, you sound a little silly talking about the dirty no good short sellers, shorting the market is no different from buying it, if you think it's going to go down, you sell, if you think it's going to go up, you buy, but now the market has already priced the new tax, so there's really not all that much money to be made anymore selling short, and what if the government drops the tax idea and the mining stocks sky rocket? All those short sellers who thought they were smart will lose big time.
@luke666808g alot of ppl have made alot of money from the first few days of short selling. The second big round of short selling will take place when the Rudd government actually starts when the new tax will be forced upon the mining industry. I am not recommending ppl to short sell today, I am just making them aware to the short selling potential and to monitor the situation accordingly.
@GrahamAndFriends I don't think that's how speculation works, look at it this way, if the government was planning to CUT taxes on something, and it went into effect on a certain date, it's like saying that everyone would wait until that date to buy, but that isn't what normally happens, people normally invest for what is going to happen down the road, I bet you $100 that if this tax goes forward, on the actual date that it becomes law, the mining stocks won't drop more than half a percent.
Super profits exist to send the signal to investors where their money should go, towards the part of the economy which is growing, K.Rudd doesn't think that's right, he thinks HE should tell the money where to go, he doesn't fucking understand economics, he's going to turn right around and piss this money up against a wall trying to protect the property market and all the other useless non producing parts of the economy.
it sounds like they want to take another pound of flesh out of Western Australia, without saying that's what they're doing.
since when is it a crime to make profit? the mining companies are producing goods of real value, unlike the banking sector that makes profit dishonestly by lending money that doesn't exist, Rudd is looking more and more like a dirty fucking Communist every day, Western Australia should just secede already.
One point I'd like to make about this new tax is that ultimately the mines will have to relent.. Because sooner or later those resources will be needed.. uranium,gold and iron ore will go up in price..
So if it stays in the ground for a few years more.. oh well.
It'll be a win for both the miners and the government in the long term.
K-rudd is just trying to cover his ass. he is a dumb fuck... he is running to big of a deficit it makes sense if you plan to use the debt to speed the economy up cause the economy can grow faster than the debt... but squeezing big business out of the market wont do much he is just trying to cover these huge debts he got giving money away in turn backing the companies into a corner who he is relying to keep our economy's heart beating
@GrahamAndFriends Im not sure if banks make too much in the way of ABNORMAL profit.
The main point though is that mining companies are concentrated in certain states...Graham, you know what will be most interesting? HOW KEVVY RUDD ACTUALLY SPENDS THIS TAX :) I think its a grubby revenue raising exercise.
@GrahamAndFriends The main problems with hitting the banks is that they can easily pass that onto their customers as another bank fee ( and we all know how greedy they are already )
@GrahamAndFriends Actually the margins for banks are quite low. The banks makes a lot of money by having small margins doing in repeated lending out money that gets deposited from money they have already lent out. They need to cover their backsides if the depositors get scared and do a run on the banks.
Given mining companies only pay 14% tax rate - it would have been a good idea. Also - you don't seem to have understood how the tax was to be applied.
NathanTouring 3 weeks ago
Over a year later, Mining companies are incredibly profitable, so much so they're buying out the media. And every other sector of the economy has declined. Wouldn't we have been in a better position if the Rudd government had been able to pump some of those super profits into the struggling finance and services sectors?
HeWhoKnocks 3 weeks ago
We own those minerals. it's ours, 40% is not nearly enough.
You don't go to the real estate agent to sell your home and ask only for 40% and give the seller 60% in commission.
This is a unfair. it's ours, it should provide for our hospitals, schools, universities, better infrastructure. get over it!
liberalcynic 9 months ago
youve got absolutely no idea on how it works... lol... smaller companies actually end up paying less. and also mining co's generally dont give dividends. and its not 40% straight off the profit.
BHP just completed a $6b share buyback - that means theyre actually trying to get rid of money.
imlay1992 10 months ago
Comment removed
Bakery994 10 months ago
You refer to the big mining companies and name BHP Rio Tinto and Fortescue. Fortescue Metals Group is a new start up mine and an absolute minnow in contrast to BHP & Rio. Andrew Forrest would be very pleased if FMG was one of the big miners.
bobcooper31 1 year ago
That is why Labor governments are always looking to prop up new taxes (ie alcopops, cigarettes, luxury car tax, state taxes such as stamp duty on property purchases and yes the failed mining tax)...because it is their only answer to plugging holes in their budgets which they can never run into surplus. Labor are wasteful and successive labor gov'ts in power only ever get worse.
danielmy08 1 year ago
@politicalkid That argument is typical rant from labor politicians & supporters...but it simply does not stack up against Labor's record in government where both at the federal & state level, they have a marked track record of waste and mismanagement. Take the pink batts fiasco or the canned cross city metro here in Sydney which saw the complete waste of more than $400 million. Labor quite literally flush tax revenue down the toliet once in power & more taxes under a labor gov't means more waste
danielmy08 1 year ago
40% doesn't sound much. I'm taxed way higher by my government.
awelux 1 year ago
@awelux what is your tax in Germany?
GrahamAndFriends 1 year ago
Alternatively, they could make illegal hoarding a federal offence, that is, if it isn't already. My head hurts. I don't know why I am worrying about such irrelevant trivialities. That's right, back to uni daze to relive my youth. Hey, if they weren't worried about illegal hoarders, maybe they could print more dollars, maybe businesses could ask for subsidies, maybe industrial relations rights would be more consistently upheld, maybe I wouldn't have to do a black market PHd, and could just be
cliptwingz 1 year ago
Just to tax mining across the board seems discriminatory. What they should introduce is say "The Investment Tax" where people/institutions of a particular level of wealth, who hoard their profits, and fail to invest back into the economy, are required to pay tax back to the government who, no doubt would invest back into the economy.
cliptwingz 1 year ago
@cliptwingz The resources tax is effectively a charge for the resources removed from the ground that are owned by the Australian public. It has nothing to do with the wealth of individuals who can afford to pay higher income tax. Income tax is entirely different to resources tax. People REALLY need to google "The reources curse" When you have read that I think you will easily understand the justification for the resources tax..
bobcooper31 1 year ago
Hmm. A resources super profit tax worked a treat in Norway! So it's tested and proven to be of huge beneift to a country. Maybe it's just the mining states whinging. The same states that take GST earned from profitable states as they can't earn enough for themselves. But no payback huh? How un-Australian of you all. All take and no give. Perhaps the federal government should give the GST raised to states who raised it. Now that sounds fair. You've been in the top paddock far too long bro!
jesuslovesnachos 1 year ago
@jesuslovesnachos actually I agree with a resources tax, I just don't agree how the rudd government went out about it. There approach was wrong.
GrahamAndFriends 1 year ago
@GrahamAndFriends Perhaps you need to relook or recall your video. You definately project a very negative damaging effect from the mining super profits tax on mining companies, the country, superannuation, shares etc etc. Pretty hard to believe you agree with a resources tax..........
jesuslovesnachos 1 year ago
I suggest anyone who wants to know why Ken Henry, Oz's chief economist put the tax forward they should google "The Dutch disease" or "The resources curse"
bobcooper31 1 year ago
If you find it hard to get a house you can blame the escalation in prices on the mining boom. Immigration of skilled workers for miners puts huge demand on housing
There are only 150,000 workers engaged in mining but 550,000 engaged in agriculture. Agricultural, Manufacturing, Education institution, jobs are more at risk than the miners jobs are.
If the mining boom isn’t handled properly when it is over we will be as poor as the people in Nauru where the phosphate deposits have run out
bobcooper31 1 year ago
Aussies don't know that a high dollar has negative effect. Most know about the “2 speed economy” but don’t know what effect it has on other sectors of the economy.
Vignerons are tearing vines out of the ground because their wine is too expensive in export markets. Same for other farm products. Tourism and foreign student enrolments plummet. Manufactures like cars are too expensive to export. Prior to the WW 2 17% of Australian workers were in manufacturing. That figure has shrunk to 8 %.
bobcooper31 1 year ago
The RSP Tax is designed avert the so called "Resources curse"
The negative effect of a resources boom is referred to as a curse because it has the following effects.
1 Increases the value of the currency of the resource rich country
2 Increases interest rates
3 Increases inflation
4 Reduces exports of farm products, tourism, education, manufactured goods as these become too costly on export markets due to the high currency.
bobcooper31 1 year ago
Dude, you really need a better idea of economics, government tax policy and the nature of the fucking tax that you're talking about. Its not a 40% tax on profits, its a 40% tax on super profits. Why don't you put a lid on it and learn some economics. Its misconceptions like this that destroy governments and its idiots like you that believe the media when they call this a super tax.
And enough of the fucking rhetoric
WillsMP92 1 year ago
Think about how you can't drive for 3 hrs without seeing a mine, think about carbon emissions mining has caused. Think about radio active waste being dumped here in the future. Think about the deaths in mining. Ive worked in the mining industry most of my life. Think about future resorces for future generations, Whats the rush to get it out of the ground? You can only dig and sell Australia once. It buys time for new technology. We shouln't be using Deisel machinery underground with workers.
Stringyheads 1 year ago
i generally agree with kevin rudd to impose 40% tax on miners. and if BIG & established companies dont like this then they can mine in some other coutries where there are rebels, corrupt government officials and lots and lots of thieves.
in australia miners are desrupted only by natural events while in some countries rebels burn or sabotage there operation and equipments, while corrupt officials might ask for outrageous favors. if big co. leave, they will come back. dont be fooled by them ozz!!
ganursego 1 year ago
You're awesome! God bless you!
deltaindustries 1 year ago
If you guys want a laugh check out the video "double o kevin- a oo7 spoof"...hilarious!!!
danielmy08 1 year ago
mines deserve tax, there just crying because they make $100 billion profit instead of $150 billion profit.
when it comes down to it, there are limited resources on the planet so eventually they will come back to mine in the "tax" country. Its a stable country and no security issues, like sth africa and PNG. The mines spend millions investing in security and bribing warlords but cant pay tax that benefits Australians. at the moment only a small % of population make more cash than normal workers
TellinTheTruth 1 year ago
@TellinTheTruth i agree with you.autralians think that they owe something to big co.CEO's that they have to protect these guys. if these guys go, then let them ravage somewhere else and after everythings gone then australia will be left with very valuable resources. i can not fathom why kevin was replaced because of this issue.
ganursego 1 year ago
See the graph mining-tax (.com.au)
DreamChasing 1 year ago
Personally I dont think the mining tax will have a huge effect on the us. The tax was about 40% of profits as late as early 2005. To me it just seems the Mining companies are whinging because they want to further billions in their back pocket. Its not like the mining companies wont still be making billions. It seems to me they've been using a misinformation campaign to make people fear the changes, and doing it for their own ends (greed).
DreamChasing 1 year ago
@DreamChasing The resources sector accounts for 50% of our exports man so if this tax results in mining projects being canned then it will have a huge effect on our economy as a whole.
danielmy08 1 year ago
correct me if im wrong but was it not reported at a meeting for bhp that the reason for such large returns was because they could export minerals from australia so cheap, "now thats rubbing it in our face" hurt us all my ass, hurt their hip pocket more like it . lets national all our resources and work out what compensation australian should get in return a mine is only useful once but the farms and land it transforms is for ever,any way it might be a policy of the past in the morning.
34ramjet 1 year ago
mining revenue/profit has increased significantly in recent times...australians own the land the mining companies are making money off, its time Australian citizens get our fair share!!!
19wilshere 1 year ago
And like I said if it weren't for the mines and associated industry that dervives work from the mines there would be no one living in these areas...and you would subsequently have even greater pressure on the major cities as the primary director of population movements is jobs and money.
danielmy08 1 year ago
WHAT IS EVERYONE WHINING ABOUT? SHARES ARE SHARES! BE THE COMPANY OVERSEAS OR IN OUR BACKYARD IS BESIDE THE POINT. SUPER IS LONG TERM, I'D LIKE TO SEE THEM DROP TO UNDER $10 A SHARE AND AFTER THEY FIND ANOTHER COUNTRY TO RIP OFF THEIR MINERALS AND MAKE MULTI BILLION DOLLAR PROFITS THINK OFF HOW MUCH MORE MONEY YOU'D HAVE IN UR SUPER!! AUSTRALIA IS NO LONGER THE LUCK COUNTRY, SORRY TO SAY. WE ARE BEING SHORT CHANGED LEFT RIGHT AND CENTRE AND DOESN'T MATTER WHO YOU VOTE WE'RE SCREWED EITHER WAY.
MYTRB 1 year ago
Bit sus on the mining "plane accident" with vertually the entire Company on board, just after the labour party warned in a meeting with the miners just the other day "were coming after you"
I know they have used underbelly type of union tactics before but i just wonder if they have really gone this far or was it just a freaky coincidence?
therealshlong 1 year ago
That's What his Chinease Overlord Want's!!!~
TheWicksy1971 1 year ago
This has been flagged as spam show
Not Rudd's tax! this is an equitable tax for the whole of Australia, it is fair reward for our, note OUR resources, not bloody multinationals resources, it's in our ground and if you want it pay for it, you cannot keep stealing our wealth, payup or packup.
webaroos 1 year ago
This has been flagged as spam show
Not Rudd's tax! this is an equitable tax for the whole of Australia, it is fair reward for our, note OUR resources, not bloody multinationals resources, it's in our ground and if you want it pay for it, you cannot keep stealing our wealth, payup or packup.
webaroos 1 year ago
hahaaa the tax is a good thing
000lachy 1 year ago
kevin seems to care for an average earning australian.
one individual pays about 35% tax on his income, my question is why such big companies are paying only 11%. Mines digging out natural resources which belong to all australians, but profit goes to the company and china. ultimately australia and its people are at loss. now people who have invested in superannuation, these people must be making lots of heaps of money. I would suggest that dont care about millionaires, THANKS to KEVIN who thinks
superministry 1 year ago
@superministry ..under the proposed tax the mining companies will not onlt be slugged the 40% but also company tax...the real story behind this tax is that companies would end up paying 57 per cent tax. This is why it is so unbelievable and why future projects are under a very big cloud.
danielmy08 1 year ago
@superministry
Be Educated. Your being lied to & you dont bother researching yourself. Rudd said we own the resources, if that's true why dont we just go and take the minerals? Our constitution says the states own the minerals (not Canberra), our state make money by leasing the land on our behalf to the mining companies who employ the people to find the resources. Our state collects royalties &they certainly don't spend it on us. You can even check royalty revenue on state gov minerals website.
Reclaim19 1 year ago
These resources however will only be extracted by BHP, RIO etc if there is true and genuine economic incentive. This incentive is removed when the greedy and wasteful Rudd gov't starts interfering and asking for a $40% share. The tax is obviously greedy when you factor in that it is a full 10% higher than the current 30% company tax rate. It is pure greed and grossly negligent by a hopelessly incompetant government who is addicted to wasting taxpayers money.
danielmy08 1 year ago
@politicalkid ..you are a dope...it is not the few million that the company execs take home that effects the share price...it is the billions they will lose if this stupid ill thought out tax gets introduced. The tax is on company profits and it is company profits and hence overall value that determines share price you dumbass. Don't come on here ranting when you obviously have no education.
danielmy08 1 year ago
"what is going to happen when they implement this new tax"
I KNOW the big CEO slugs in the mining industry will have to sell one of their private jets and maybe sell that second house on St Lucia, but hey why on earth would they support it, if they did Mr Abbot would cry, because not only would the mining giants such as Clive Palmer stop using Mr Abbot as a puppet but they would stop flooding millions into the Liberal Party, now that would be bad, LABOR=Fighting for ordinary Aussies.
rhettski999 1 year ago
@rhettski999 ..The only thing Labor politicians fight for is themselves and their retirement nestegg. Just look at how many state labor MP's who have been booted recently...many of whom retain an annual salary of $130k a year...and most have done a shocking jobs. Labor looking after to common folk is the fraud they have been staging for years ...all they want to do is rip off the private sector to fund electoral vote buying since they have now wasted all the surplus left by Howard and Costello.
danielmy08 1 year ago
@danielmy08 And the innocent Liberals didn't make that much money when they were in office?, they have not "wasted" the surplus but have invested it into Australia so AUSTRALIANS will benefit, Labor has a good Economic strategy that will continue to see economic growth and unemployment going down, but best of all what they did was avoid a reccesion, no other advanced country did that.... $130K is nothing compared to THat fat slug Clive Palmer earning more than 2BILLION!!!!!!!!!!!!!!!!!!!!!!
rhettski999 1 year ago
@rhettski999 ..Ohh you think Labor has a good economic strategy do you?...Labor managed to take ALL of what you claim Clive Palmer has earnt and send it up in smoke...how you ask?..the home insulations scheme...or should I say scam! Dumbass, Kevin Rudd couldn't manage a chook raffle! The only reason we avaoided a recession was because our mining sector kept chugging along through 2009 with continuing demand from China and India for our resources.
danielmy08 1 year ago
@danielmy08 your delusional and you need help if you think Clive Palmer doesn't earn $2B plus
rhettski999 1 year ago
@rhettski999 ...You are a dumbass ...The point I was making is that Kevin Rudd managed to rake the equivalent of what Clive Palmer is worth and send it up in smoke (literally) through the complete mismanagement of the home insulation scheme. I was not disputing what Clive is worth...nor was that my point. You are just an idiot.
danielmy08 1 year ago
@rhettski999 ...By managing to blow (or rather burn) that much money your claim that Kevin Rudd has a good economic strategy is complete joke.
danielmy08 1 year ago
@danielmy08 Well I will vote Labor, and you can vote for whoever you like and we will see who wins.
rhettski999 1 year ago
@rhettski999 Of course you will. It wouldn't matter if Kevin Rudd came out tomorrow and said he was banning all future elections and making himself supreme leader...you would still support him because that is all labor voting sheep like you know. You have always voted Labor and you always will no matter how many roofs burn down, how much taxpayer money they blow (or should I say burn) or how many corrupt labor MP's rape underage boys (milton orkopoulos) or get caught leaving gay sex clubs.
danielmy08 1 year ago
@danielmy08 You are a dick. ha ha ha. I am pissing myself laughing at your rediculous comments all over the place. Why don't you stand as a candidate for a seat somewhere instead of bitching on youtube you wanker? Leave your lonely little existance and check out the country. There are towns all over the place that have been raped and pillaged by resource companies who don't give a shit once the resources are depleted. And the towns folk all have to leave their homes, for free and start all over.
jesuslovesnachos 1 year ago
@jesuslovesnachos ...Yeah what parts of Australia mate?? I'd like you to provide a few specific examples to back up your grandious claims. Most mining takes place is isolated regional areas of Australia...what housing exists in these areas is because of the mines...not the other way around as you imply that the mines have resulted in ppl leaving their homes cos that is totally false.
danielmy08 1 year ago
@danielmy08 Since your a well of knowledge and you state "most mining takes place is (should be in) regional areas" you should know.which areas. And regardless of who is there first, the people still make a life with families and must pay for these properties, shops etc. And resource companies still don't give a shit about these communities when they pack up and leave. Take a pick of towns - Silverton - Joadja - Timor, Vic - Cassilis - Homebush. vic - need i go on. And your guitaring sucks man
jesuslovesnachos 1 year ago
@jesuslovesnachos Oh so now you want to say "it doesn't matter who was first". Well it was you who suggested that the mining companies were forcing people to leave their homes..when in fact it is the mines that are causing people to move TO these areas. Mate I am well aware of the areas of Australia hence...my request to you was a rhetorical one in order to make a point. That point being that areas like Mt Isa, Pilbara, Geraldton etc would be scarcely inhabited if it weren't for mining.
danielmy08 1 year ago
@danielmy08 If u look into much of the history of mining areas, it's prospectors who enter the areas first & then settle. Then mining companies enter. Now it's mining companies who test & mine & create towns sure. But still working families buy the homes in the area only to leave without compensation when companies leave. And all Australians are left with a permantly scared land. That is of course if they still are alive to talk about it. i.e. wittenoom Even after super tax they still make $b's
jesuslovesnachos 1 year ago
@jesuslovesnachos Prospectors make their money from gold mate...not the resources extracted in large quantities at (comparitively) low unit weight price. Bendigo is an example of prospectors settling, the Pilbara & Mt Isa are not. What you are comparing is apples and oranges my friend.
danielmy08 1 year ago
@danielmy08 Prospecting is the physical search for minerals, fossils, precious metals or mineral specimens, and is also known as fossicking. Where does it say GOLD? What about silver? Opals? Your fancy mumbo jumbo means little to educated Australians who know better. A multi billion $ profit will still be a multi billion $ profit after resources tax. And market demands supply and projects. Not a resources tax. Your stuck in no land and not perhaps. What company do you own?
jesuslovesnachos 1 year ago
@jesuslovesnachos Yeah well prospecting is not the forerunner to all mining operations as you suggest,,,that is only your claim. Exploration is the main precursor to any new project. You are simply trying to win an argument by inventing a conveinient truth. Opals only constitute a small portion of our mining and minerals output. Silver is only valuable to large scale extraction. What about iron ore, bauxite, uranium etc...in facts if you..
danielmy08 1 year ago
@jesuslovesnachos in fact if you look at a map of where all the mines are in Australia it is quickly evident that they are all in isolated coastaland inland areas of mid and NORTHERN WA, inland SA, QLD etc. Australia is a huge country mate and with a small population of 20 mil we are not exactly strectched for land to live and build on. Having said that most of our population chooses to live in the major cities anyway.
danielmy08 1 year ago
@danielmy08 Ooh. This is fun isn't it. It's a resources tax. Oil, Gas yada yada. Still see no negatives. Regardless of who mines what. You continue to ignore the unwinable billions is still billions argument. It's the cruxt of the matter. Nobody loses. It's an undeniable truth that market demands control future projects. If government gave companies tax free concessions, market would still control future investment. What company would mine without sales even with no tax. Last word is yours.
jesuslovesnachos 1 year ago
@jesuslovesnachos The market always controls investment....but the company botom line determines if the project is feasible compared with obtaining from mines elsewhere.. and if mining projects locally are looked over in favour of those overseas our country loses out end of story. How you can construe a conclusion that "nobody loses" in such a scenario is beyond me.
danielmy08 1 year ago
"Its the tax those rich people don't want you to have."
(I'm sorry - *gets coat and quietly exits.......*)
rhettski999 1 year ago
There are so many myths and falsehoods surrounding this tax. The thing you people seem to neglect (and this is something the mining companies are all to aware of) is that the resources we have (coal in particular) is amongst the best quality in the world. Coal is in massive demand. The tax wont increase bank lending rates or sovereign risk. If you believe that you are truly misguided. Simple supply and demand. Australian people deserve some of the share of "SUPER PROFITS" made. Plain and simple!
s4057052 1 year ago
I fail to understand how any Australian can support a tax, taxes stop growth -any tax impacts us, if not directly, it's someone middleclass like you thats going to be hurt. When the Government says they will tax an industry, the misconception is the company will pay the penalty. That is not true, the companies become tax collectors, its the people who will pay.
Reclaim19 1 year ago
@Reclaim19
Lol "taxes stop growth" Reaganism is bullshit buddy.
ArachEye 1 year ago
you really have know idear on what you are talking about do you, you have not red the way the tax works or is going to applyed go reserch it then come back with the real story.
jonansue1 1 year ago
@AustraliaTwo - Don't worry..the demand for OUR resouces will be coming from China...What I hate is seeing a fat cat American and a fat cat South African threatening all of us by throwing tantrums because the tax will impact on their obscene greed.
terrythekittie 1 year ago
@AustraliaTwo Don't get personal about this. You don't know Graham. Graham has been working and should have no reason to seek your approval personally. Keep this discussion objective on the topic, and don't pick on our fellow partner, Graham who is much loved in Australia.
saintfletcher 1 year ago
It is not 40% Graham. It is a sliding scale over an excessive profit margin. Most mines will not be effected. Those who are making such a huge profit in excess, can afford it, once they are used to it. Some of the money will be spend on the towns near the mines, like Dampier at the Pilbara, and transporting the stuff. I think Keven Rudd needs to negotiate a lower rate. But Tony Abbott wants to introduce a company tax. Those with companies will pay more taxes under Abbot.
saintfletcher 1 year ago
Andrew Forest..angry?....and this man is worth 4 billion dollars.....the stuff underground belongs to all Australians..and it's about time we got our share...if Rio Tinto and the rest don't like it they are welcome to go elsewhere....what's left in the ground will be worth the super tax to some other company
terrythekittie 1 year ago
South African born Kloppers was paid a $10.4 million salary this year,US born Albanese pocketed a 500% pay rise bringing his wages to $9.03 million.
It is not that any of these four mega-rich opponents of the super-profit tax can't afford to give a little more back to the Australian people… it is just that they don’t want to.
“Kevin Rudd’s new super-profits tax has won the endorsement of respected economist and mining company chairman Ross Garnaut, who has described its design as ‘elegant’.
thepinkfits 1 year ago
Look at Norway it it the second richest country in the world measured by Nominal GDP per capita. Why? because they realize they need to benefit from their non renewable oil into the future. These resources are owned by the Australian society and not multi national conglomerates. If they want to rip off countries go to Africa, in Australia you pay for using Australian resources or you leave and someone else will happily take over.
johnnycage9999 1 year ago
This is merely another ploy to make back the money that this Government has wasted.......the ETS was blocked and failed which they thought would get through because it contained that sacred "environmental" component....now they try this....and if this doesnt work then it will be some other thing...ho many people work in the mining industry, even indirectly like the lady at the takeaway shop? fkn thousands and this is meant to be the working mans party!!!!!!
dazzagroves 1 year ago
What are they going to do with this money generated? As proven in the last couple of years, this Governments distribution of taxpayers dollars has been fully commendable hasn't it? I don't think so!!! This taxation will affect everyone.......a fair chunk of most peoples super is invested in these such companys and that is where the difference will be......that is who will be getting punished, not the directors and upper management.....their bonuses and extravagant salaries wont be affected.
dazzagroves 1 year ago
Australia has always been a very strong mining country, thinking in the long run, what's gonna happen to it if the mines really run dry? I think as governments, the money earned from taxation will have to eventually be used up, and it can be used up in many ways. While there are people who will suffer from the tax, I think much more will benefit from it when the government decides to spend it. Do remember that the ore prices has gone up a lot this year.
iwanjie 1 year ago
The RSPT isn't about tax, it's about POWER, who controls the mineral wealth of this country - aussie companies and shareholders or the socialist thieves in Canberra? The Labor party have gone back to their roots of 1950s socialism, which will destroy this country if allowed to happen ... so what allowed this to happen???? EASY! the criminal 1 Person, 1 Vote voting system that allows Crims and "Labor Leeches" to dominate the voting system. this needs to change! Multiple votes is the key!
backreefoil 1 year ago
This is what communism and socialism is all about. Spread and share the wealth around, punish those that are successful .Tax or take from the rich in the guise of giving it back to the people. This was what millions of people died for during ww2,Vietnam war and the cold war . Which included a lot of Australians .Now Kevin rudd and our government policies are favoring Socialism
hanvo216 1 year ago
We do live in a mixed socialist / capitalist society. Would people who comment or imply that this tax is Socialist & therefore must be 'bad' please also state that all forms of wealth redistribution such as our current personal taxation system which increases with the more money you earn is equally adhorent to them. Which, is a fair enough opinion.
kelvindejohnson 1 year ago
Tax the productive and give to the less productive.
Is this sorta like socialism Mr Rudd?
steigerpower 1 year ago
I also think it is in the national interest to know that the chief political reporter for one of our major tv networks (ie Laurie Oaks of Channel 9) once used to employ the services of none other than our now current PM Kevin Rudd to clean his house. Major conflict of interest right there.
danielmy08 1 year ago
Graham, you're right and 10/10 for making the points you made. But regretably, this tax is definitely going to happen because Rudd will win the election and according to all analysis, The Greens will control the upper house after the election and they have already said they will pass the tax. Rudd has backed out of a lot of policies and cannot afford another U turn. Mate, I am just selling my Aussie shares, I'm just bloody sick of the lot of them.
Most people think that
Hoodoo999 1 year ago
@Hoodoo999 ..he has also failed on all of the policies that have passed the senate and been introduced..case in point - home insulation scheme debacle...if Rudd was able to make such a mess of this industry (which is now all but destroyed completely), imagine the widespread fallout and ramifications for this country if (rather when) he gets this one wrong. There is an alternative, vote no for the tax and vote Liberal!
danielmy08 1 year ago
@danielmy08 - sure, I will do that, but the media is very biassed toward Labor. Hockey and Abbott are harassed and heckled at Press Club while Labor is given a few polite questions. Look, what you and I think changes nothing. We'll just have to wait for some damage to be done before people will do something. That won't be very long.
Hoodoo999 1 year ago
@Hoodoo999 ...When you speak of the media it is channel 9 in particular who are biased. I think they were all a bunch of repressed commies under the thumb of Kerry Packer and when he passed on and James took over only to sell the network,, the nutty journos thought they could get their revenge. You only have to look at that idiot Ray Martin and Laurie Oaks to see what a slanted view they have.
danielmy08 1 year ago
@Hoodoo999 I also think the use of the worm and the so-called audience of "swinging voters" is nothing more than a cheap stunt by the folk at channel 9 to try and influence the wider community to vote labor. People at home should be able to make their own decision on a debate, not have it decided for them by a bunch of uneducated labor stooges and people off the street.
danielmy08 1 year ago
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danielmy08 1 year ago
@danielmy08 the news tonight said that because of this tax, china is thinking of going to our competitor countries for raw materials, as they will be cheaper than aussie stuff.
GrahamAndFriends 1 year ago
@GrahamAndFriends ...and this will see us go into deep recession. We have been relying on the mining sector for too long and while I think the tax is wrong...I also think that governments have not been providing enough incentives to businesses locally...taxing them out of existence and too many cost barriers to hiring people. Our manufacturing sector will take the first hit and then financial markets followed by mum and Dad investors and finally the masses who will finds jobs harder to get.
danielmy08 1 year ago
@danielmy08 The only argument with the mining tax is not a share of the cake but a fairer share of the icing.
webaroos 1 year ago
I'll tell you why...because the government knows that the banks will simply pass on the increased costs to customers through higher lending rates and (further) increases in charges...yet Mr Swan would have you believe that there will be no increases in energy costs under a 40% tax. This is a gross double standard and demonstrates how flawed Labor party logic is.
danielmy08 1 year ago
@danielmy08 yes i think you are correct. I find it a very dumb thing for the government to say that this hug 40% tax want increase the prices of goods.
GrahamAndFriends 1 year ago
ya reackon we are all DH's - have you been a hole a bit too long ??? give us a break - you are giving the PM advise LOL LOL LOL
carmbarr54 1 year ago
You are not doing your cause any favours mate. What about the mining companies AMAZING AMOUNT OF MONEY! Haven't you heard of giving to others or are you too consumed with your own little world. Rudd's is going to continue to piss off you and all of your ignorant money hungry mates so get used to it. You might even learn empathy for your fellow man one day. Ignorance is not bliss.
MrFrog265 1 year ago
fuck it dude we've gone this far you kicked johnie out now suffer the consequence.... the world is fucked anyway. go all the way ruddy. you fucked it... whats the worst that could happen??? end up like every other nation! woopy do they want it like that anyway.
They promote australia like we've beat recession, Australia economy is still booming. no wonder every nation wants to come here.
jaifalta 1 year ago
danzvb- you are part of the problem. Its the greed on this planet that has made people like you upset. Take a look at the number of people on low incomes with no chance of buying shares like you. You entered a market that will go further down in value as you see the global climate problem get worse with all these mining companies pumping their waste into the atmosphere or bury it in the ground which is where your shares will end up too
harkin1961 1 year ago
I have BHP shares and I'm not worries. Just checked the ASX and the prices look solid for Rio Tinto and BHP Billiton. Not everyone's Super is in shares either. It's important that rich companies make a genuine contribution to the community they mine in, in this case Australia. Multi national mining companies will make commercial decisions in light of the super profits tax, just like they did in the GFC both of which they will survive. Australian communities deserve a fair share.
thepinkfits 1 year ago
@thepinkfits ...and do you think with the enormous capacity of the Rudd gov't to waste money (eg home insulation scheme, school halls project, planned 43 billion dollar broadband network etc) that they would even manage and spend the revenue from the proposed tax in the best interests of the public...NO! It will simply be used to buy them more votes like they always do.
danielmy08 1 year ago
I'd just like to say, it's about time the greedy bastards gave back to Australia! They have taken our resources for too long. Sorry Graham, I disagree with you.
sandigamble777 1 year ago
@sandigamble777 actually I am starting to agree with you.
GrahamAndFriends 1 year ago
@GrahamAndFriends ..Graham you have either got to have a purely informative video (ie take no side on the issue) or take a side...not say "yeah I support the tax to one respondent" and no it is bad to others...
danielmy08 1 year ago
@danielmy08 thru reading this comment and thinking about it, my mind has changed from my original view.
GrahamAndFriends 1 year ago
@GrahamAndFriends Let me ask you this then. Why don't the Rudd government impose a super profits tax on the big banks? Each are making profits of around $6 billion per year and most is made through excessive fees and charges? Compared to the $10 billion that BHP made in 2009, their's isn't too far off. The mining sector does alot more for this country than the greed driven bansk do.
danielmy08 1 year ago
@danielmy08 I agree with you that is a valid question, why don't they?
As I have read it, it is because the government has decided the tax is on non renewable resources.
GrahamAndFriends 1 year ago
Nationanalise the Mines and take the lot off the greedy Bastards
Tcheuchter1 1 year ago
@Tcheuchter1 that is a good idea, just like Cuba did!
GrahamAndFriends 1 year ago
Gday there Bud i am bloody furious at RUDD, the mining companies kept this country going when were going under in the GFC, i bought stocks in mining companies for my future and look what happens, Rudd i will never vote for you
danzvb 1 year ago
@danzvb I agree.
GrahamAndFriends 1 year ago
this is Because our prime minister suCKS!.
who voted for this guy?.
John howard is alot Better
Eskn69 1 year ago
Rudd Has His Head Up His Rear End
giovannivella 1 year ago
Let me do a guess! (i am not an australian)
This bloke who suggests to tax the mining companies 40% is a socialist!
I will eat dog shit if not!
That is the only think socialists can think of: raising taxes! That happens everywhere in the world (Greace is the current example for it) So on the other hand the government needs some money to support muslim migrants to australia! You cannot cut social security for them because they cannot find work wearing a burka!
malsifood 1 year ago
@malsifood You're brainwashed pig ignorant American. Fuck off.
Tuathalful 1 year ago
@malsifood Greece is not only a prime example of the revolt caused by excessive taxation..but also demonstrates the end result of governments who mismanage taxpayers money and have poor fiscal management...both of which Kevin Rudd and Wayne Swan are practicing.
danielmy08 1 year ago
@danielmy08
Yes you are right,
Greace also has a long history of mismanagement of taxpayers money and poor fiscal management. Practiced by panhelenic socialist party.
So socialists in every country you can imagine are good in rising taxes and rising spending without planning!
malsifood 1 year ago
The big piece of the mining 'pie' is the salaries, not the profits. The workers already pay a lot of taxes. Taxing profits will just make jobs dissapear and will actually reduce the total tax collected.
imre1000 1 year ago
@imre1000 you have a good point there.
GrahamAndFriends 1 year ago
@imre1000 Wake up! Salaries go many many workers, profits go in bulk to a few rich people. All the Bosses know, the states, and the unions all know this will have no detrimental effect on mining; its a fact. The only detrimental effect it has had is to rile the richest few people in the country into threatening and blackmailing us all with job losses and economic downturn if their dictates aren't obeyed. Don't be fooled; these filthy rich miners can, should and will pay more.
Tuathalful 1 year ago
And if they don't, there's a cue of organisations as long as the Earth waiting to take their place here, mining some of the most cheaply extracted coal etc on earth. From America to China private and government companies are more then willing to pay the tax and make the profits if these fat cat greddy mining bosses are too pig headed to accept their fair share of responciblity to our society through taxation.
Tuathalful 1 year ago 2
@Tuathalful, most Australians' superannuation funds have mining shares.
But lets assume you are right and only the rich will get less money, what about those people they employ? They could lose their jobs or have their wages cut.
Apart from taking their money and keeping it under their pillow, there's very little the rich can do with their money that doesn't create new jobs.
Take away those 'evil' profits, and many others will lose their jobs too.
imre1000 1 year ago
40% tax increase = 40% less holes in the ground. It's time to pay up, else let them start
another Eureka "stock"-ade run on the market. We've seen and been here before!
vk7ae 1 year ago
is this Mr. Rudd guy the political leader in australia?
nitrojoe9 1 year ago
@nitrojoe9 yes, he is our Prime Minister.
GrahamAndFriends 1 year ago
Rudd needs to go,
bffalcon 1 year ago
Its about time these filthy rich, whingeing, fatcat parasites, raping our finite resources for the biggest profits they ever made, were made to pay a fairer share of the wealth they take from our ground, and their workers create, to Australia and Australians through the best and fairest means: tax. We own these resources and we need the revenue for the infrastructure and services the corrupt Libs ran down over ten years. The few pathetic arse lickers defending parasites like Palmer can eat shit.
Tuathalful 1 year ago
Comment removed
Tuathalful 1 year ago
PS: check up on it: these resource companies pay on average less tax in the dollar now then they did ten years ago. Fuck their crocodile tears. If they take jobs off shore out of pure greed, that makes them maggots, not the government or the people. These rich parasites want us to think the market is magic and forces them to hog as much as they can. when in reality these multi-billionaires can live like kings til death even if they never make another cent.
Tuathalful 1 year ago
rudd has been spending money without pause. you think a cigarette tax and a mining tax is meant for anything other than to regain a little lost cash before the rapidly approaching election?
SgtMaj0r 1 year ago
it get passed on consumer anyway.
garagecrap 1 year ago
Hey, if we all become slaves of the state, the government can make a 100% profit on everything we do. Oh yeah, that's already what the governments are trying to accomplish through socialism and communism.
jillbert40 1 year ago
@jillbert40 some mining stocks dropped 11% on the first announcement of this new tax, but time will see.
GrahamAndFriends 1 year ago
wow 40% is a lot
Jeebiaja 1 year ago
@Jeebiaja I read that petroleum companies extracting oil and gas from Australian regions have already been paying 40% in royalties to the governments for years. There is an argument that why shouldn't the mining companies be doing the same.
I suspect that there might be a lot of negotiation resulting in tax dropping down to say 30% provided the mining companies make certain undertakings such as increasing their investment in Australia; not sitting on mineral reserves for years etc.
SmartmanChris 1 year ago
Then the superannuation companies should be doing their research and "buying to sell short" and vice versa, in the name of their investors. They play the stockmarket game and they know what they are doing (supposedly) - They can also diversify more to cover any potential losses they may experience when and if the market does take a dive. But remember this.. The mining companies are always going to making more money as long as their geology is right, and the resource remains in the ground!
trulykiwi 1 year ago
Why doesn't the incompetent government tax the banks multi billion dollar profits, oh yeah, that's right, the banks own the government. Silly me!
gragrn 1 year ago
Whilst I don't like our smarmy Chairman Krudd at all the bottom line is that the for the amount of money mine workers get for the work they do the profit is riduculously high. The mining companies can afford to pay this because they're making very large profits on things that belong to all Australians. For any position you can think of the wage is generally 2-3 times that of the same job found in a city. Its not fair.
I would, however, like to see him tax the banking industry at the same rate.
clownbaton 1 year ago
Kevin Rudd, just like the American President Barry Sotero, is now dismantling Australian Industry, first it was the farmers, now it's the Mining Industry. Privatisation of public utilities and taxes to ensure Companies move offshore is the big thing at the moment to Bankrupt 1st World Countries into 3rd World Countries.
inlakeshification 1 year ago
I think this is bad i did follow kevin rud but now he is doing the same thing the opo was going to do witch is a big new tax it's so stupid :S
jordyjordyjordy1992 1 year ago
I guess he has to pay for all of his empire building somehow! Haw haw haw.
Zebonka 1 year ago
I've got one thing to say, Citizens Electoral Council of Australia
coit7 1 year ago
Graham, you sound a little silly talking about the dirty no good short sellers, shorting the market is no different from buying it, if you think it's going to go down, you sell, if you think it's going to go up, you buy, but now the market has already priced the new tax, so there's really not all that much money to be made anymore selling short, and what if the government drops the tax idea and the mining stocks sky rocket? All those short sellers who thought they were smart will lose big time.
luke666808g 1 year ago
@luke666808g alot of ppl have made alot of money from the first few days of short selling. The second big round of short selling will take place when the Rudd government actually starts when the new tax will be forced upon the mining industry. I am not recommending ppl to short sell today, I am just making them aware to the short selling potential and to monitor the situation accordingly.
GrahamAndFriends 1 year ago
@GrahamAndFriends I don't think that's how speculation works, look at it this way, if the government was planning to CUT taxes on something, and it went into effect on a certain date, it's like saying that everyone would wait until that date to buy, but that isn't what normally happens, people normally invest for what is going to happen down the road, I bet you $100 that if this tax goes forward, on the actual date that it becomes law, the mining stocks won't drop more than half a percent.
luke666808g 1 year ago
Super profits exist to send the signal to investors where their money should go, towards the part of the economy which is growing, K.Rudd doesn't think that's right, he thinks HE should tell the money where to go, he doesn't fucking understand economics, he's going to turn right around and piss this money up against a wall trying to protect the property market and all the other useless non producing parts of the economy.
luke666808g 1 year ago
it sounds like they want to take another pound of flesh out of Western Australia, without saying that's what they're doing.
since when is it a crime to make profit? the mining companies are producing goods of real value, unlike the banking sector that makes profit dishonestly by lending money that doesn't exist, Rudd is looking more and more like a dirty fucking Communist every day, Western Australia should just secede already.
luke666808g 1 year ago
@luke666808g actually Western Australia is in the financial position to consider to secede.
GrahamAndFriends 1 year ago
One point I'd like to make about this new tax is that ultimately the mines will have to relent.. Because sooner or later those resources will be needed.. uranium,gold and iron ore will go up in price..
So if it stays in the ground for a few years more.. oh well.
It'll be a win for both the miners and the government in the long term.
robdotcom71 1 year ago
K-rudd is just trying to cover his ass. he is a dumb fuck... he is running to big of a deficit it makes sense if you plan to use the debt to speed the economy up cause the economy can grow faster than the debt... but squeezing big business out of the market wont do much he is just trying to cover these huge debts he got giving money away in turn backing the companies into a corner who he is relying to keep our economy's heart beating
bosslocks777 1 year ago
There are a lot of good economic arguments for a tax on super (abnormal) profits.
Remember, an abnormal profit is a RETURN BEYOND THAT WHICH IS EXPECTED BASED ON THE RISK.
Mining companies make a fuckload of money and this wealth SHOULD be redistributed to other states that are not so greatly endowed with minerals etc.
Im not so sure this is the way to do it though...
kegs666 1 year ago
@kegs666 then my not hit banks with this too, as they make huge profits too.
GrahamAndFriends 1 year ago
@GrahamAndFriends Im not sure if banks make too much in the way of ABNORMAL profit.
The main point though is that mining companies are concentrated in certain states...Graham, you know what will be most interesting? HOW KEVVY RUDD ACTUALLY SPENDS THIS TAX :) I think its a grubby revenue raising exercise.
kegs666 1 year ago
@GrahamAndFriends The main problems with hitting the banks is that they can easily pass that onto their customers as another bank fee ( and we all know how greedy they are already )
robdotcom71 1 year ago
@robdotcom71 that is very true
GrahamAndFriends 1 year ago
@GrahamAndFriends Actually the margins for banks are quite low. The banks makes a lot of money by having small margins doing in repeated lending out money that gets deposited from money they have already lent out. They need to cover their backsides if the depositors get scared and do a run on the banks.
SmartmanChris 1 year ago
FIRST!
BrandonsParkour 1 year ago