John Robinson …of Global Mining Investments interview re… the mining industry’s response to the new Australian government’s super resources tax….. (@4.46+ composite video) …the tax overhaul could drive investment overseas, costing local jobs putting billions of dollars in new projects at risk…. mining industry says the tax will decimate jobs and end up making Australia a third world country….. Mining companies contemplate life after super tax www.abc.net.au BHP Billiton Ltd. and Xstrata Plcs expansion and acquisitions plans may stall on Australias plan to increase taxes on mining companies whose profits have surged A billion ( billion) in the past decade. Any probability of mining takeovers proceeding has lessened, Tim Schroeders, who helps manage about .1 billion at Pengana Capital Ltd. in Melbourne, including BHP and Rio Tinto Group, the worlds largest and third-biggest miners, said on Bloomberg TV. It definitely increases the hurdles for prospective buyers in the resources space in Australia. www.businessweek.com Australian mining stocks fell sharply in morning trade today as Treasurer Wayne Swan was accused of “killing his cousin the golden goose” over plans for a new resources sector super tax. In its response to the Henry tax review, unveiled yesterday, the Government announced it would tax mining industry super profits to fund a superannuation rise and a company tax cut. The plan to slap a 40 per cent tax on mining profits spooked investors, as …
Latter part of an interview with Australian mining magnate Clive Palmer re the Federal Government’s proposed resources super tax, a policy he is fiercely opposed to….. (composite video) Miners revolt against super tax – The Government’s proposed super profits tax on miners has led to an eruption of fury from some of the biggest names in Australian mining. They have accused the Government of deception and claimed that the tax will lead to the shelving of important mining projects and the loss of Australian jobs….. www.abc.net.au Queensland mining magnate Clive Palmer says he will campaign for the rest of his life against the Federal Government’s proposed new resources tax if necessary. The Federal Government wants to introduce a 40 per cent tax on the super profits of mining companies but it is facing stiff opposition from the resources sector. Mr Palmer told ABC TVs Lateline program that his Galilee Basin coal project in central Queensland will go ahead because its finance has already been approved. But he says the proposed new tax is destroying Australia’s reputation overseas and threatens the viability of the whole economy. “Whatever it takes to defeat this tax or to remove it if it ever is introduced, it’ll be an ongoing campaign for me for the rest of my life,” he said. “I’m that committed to it, as I’m sure everybody else is, because we’re committed to Australia – we want to see this country prosper, we want to create jobs.” Mr Palmer says he will continue to …
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
Just a catch up video, Sorry was not a real structured video but just a catch up on the last few weeks. Have been quite busy getting things in order and contemplating on what the best preparation for the future is. Have spend a lot of time lately on the garden and better security for my garden beds and chickens. Planted a lot more fruit bearing tree’s as well so I will have to do a video on the progress in the future. Also will attempt setting up my own Solar Power generation and if successful will do a hot-to video on that as well. For now it just stacking-as-usual, trust in what doesn’t lie and what doesn’t commit fraud !
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)
