More reasons why the proposed mining tax is not a good option in the middle of a currency crisis to eg Greece, EU, US. Instead of taxing in desperation maybe we should embrace sound money backed by full reserve rather than this perpetual debt and inflation cycle politicians seem so committed to. The Decline of Australian Manufacturing www.australianimages.com.au www.theage.com.au Do not forget the Australian Carbon Tax www.youtube.com Australian Housing Bubble www.youtube.com www.theaustralian.com.au Will we echo the US and embrace neo feudalism? (good article) www.huffingtonpost.com
Australia’s economy has been buffered from the Global Financial Crisis due to our strong exports to China. With Chinese Steel manufacturers starting to run at a loss, will we see a slow down in our exports to China?
The Australian government has proposed a “super-profits” tax for giant mining corporations in its annual budget released on Tuesday. The country escaped the global economic slump almost completely unscathed, thanks largely to its massive mining industry. A proposal to impose a 40 per cent tax on “super-profits” made by mining companies has now prompted an uproar among industry players. Al Jazeera’s Harry Fawcett reports, from Kalgoorlie in Western Australia. (11 May, 2010)
Australia has been one of the beneficiaries of China’s economic growth over the last two years. Despite cooling off slightly during the global economic crisis, China’s continuing demand for raw materials has been a major boost to the Australian mining industry. China’s need for commodities such as iron ore is helping mineral-rich Western Australia lead the rest of the country to recovery. Al Jazeera’s Aella Callan reports from the small coastal town of Geraldton, where plans are under way to build a new deep water port by 2012 to keep up with the demand from China and other emerging economies in Asia.
