The mining sector might have protected us from the harshest winds of the Global Financial Crisis, but according to Kevin Rudd and Wayne Swan it’s no longer just making profits - it’s making “super profits”.

Swanny, where did I put that graph showing how greedy the miners are? Picture: Ray Strange

Ergo, these “super profits” can be “super taxed”.

It’s hard to argue with a “super” anything in a rhetorical war, which the Government is well and truly waging right now with the Opposition. By creating the narrative that the miners are so far in the black they qualify for a whole new category all of their own, it’s easier to gouge them.

If you can also stir up a sense that it’s just not fair that helps too.

As Wayne Swan said multiple times yesterday, the “super tax” on the mining industry’s “super profits” is about making sure the rest of us, who have so far missed out on the resource riches, get our “fair share.”

“It will ensure that all Australians get a fairer share and the benefits of the boom are directed where they can make the best impact on jobs, growth and savings,” he said.

Yeah, we can think to ourselves. Where’s my share?

The Government has even made the “super tax” official, by calling the policy containing the 40 per cent tax on windfall mining profits “The Resource Super Profits Tax a fair return to the nation.”

It can be helpfully shorthanded to the “RSPT.” (The banks must be hoping their pretty healthy profits don’t accidentally turn into “super profits” or we could end up with a BSPT.)

Rudd and Swan are not the only ones, however, with a handy acronym. Tony Abbott must have mourned the passing of Kevin Rudd’s ETS, to which he liked to refer as the “Great Big New Tax”*.

Yesterday the Opposition Leader got to trot out the GBNT again. He applied it liberally.

“This is not a plan to grow the economy, it’s Kevin Rudd’s plan to kill the mining boom,” Mr Abbott said.

While no one would argue the mining sector needs a leg up, it does seem a bit counter productive to kill of the industry that’s keeping us afloat.

Shadow finance spokesman Andrew Robb, in a slightly stream-of-consciousness manner yesterday, asked what sounded like some pretty sensible questions of the government about the proposed new tax.

The issue really is how much over the ten years are they relying on this? How much revenue are they expecting to gain over the next ten years? All we saw was a two year estimation of three billion then nine billion. How sensitive is this number and what hangs off it? What is the expenditure that they are anticipating, which is ongoing, which hangs off this tax?

Chances are the prices could come off quickly, the $9 billion could be affected very quickly. How significant is this and how much is the Government relying on it? There’s no indication in the report or in their comments today about that and, secondly, by the time this takes effect the prospect of the new tax may well have meant that a lot of the projects here – or a number of key projects – could be pigeonholed. Olympic Dam could well be put off for ten or twenty years, a number of projects in Queensland I understand are highly sensitive. So for these companies that have got their foot on other resources all around the world, they’ll try and maximise their profits, they’ll develop those mines, mothball these and come back and we will have lost an enormous opportunity to lock in development in this country.

Here’s a wrap up of what the miners themselves had to say:

Rio Tinto warned the RSPT could “severely curtail investment and limit jobs growth.”

“Taxing 40 per cent of profits over the long-term bond rate, together with corporation tax, would make the Australian minerals sector the highest taxed in the world, seriously eroding competitiveness,” said Rio Tinto managing director Australia David Peever.

WA’s Chamber of Minerals and Energy said the RSPT had “added complexity.” “There is a real risk these investors and companies will shift their attention overseas,’’ said CME chief executive Reg Howard-Smith.

The Australian Petroleum Production and Exploration Association said planning of projects could be thrown into chaos. “These include Queensland’s liquefied natural gas projects to be developed from coal seam gas and investments in domestic gas projects for the supply of energy to our capital cities,’’ said APPEA chief executive Belinda Robinson.

The Association of Mining and Exploration Companies said the sector already paid its fair chair. “In the short, medium and longer terms, the result will be a significant loss of wealth creation opportunities for many Australian families, loss of jobs, and a loss of the significant benefits that the sector brings, particularly to regional and remote areas of Australia,’’ said AMEC chief executive Simon Bennison.

And the Minerals Council of Australia said it would make our resources sector the highest taxed in the world. “We are already punching above our weight in terms of tax take,’’ said chief executive Mitch Hooke.

When you boil it all down to them making “super profits”, however, they make an easy target.

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55 comments

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    • Anjuli says:

      09:39am | 03/05/10

      It is easier to hit a big target than deal with many smaller ones as it would take a lot more time and fine print to deal with the tax take.

    • jack says:

      11:58am | 03/05/10

      jack
      have you fogotten the tax you libs are imposing on big business with your parental scheme how gutless is that

    • Mark says:

      10:11am | 03/05/10

      Labor have spent.

      Now they will raise taxes.

      Robin Hood grade school economics.

      Just the usual. Tax ciggies. Tax the rich. Redistribute to the voters. Claim change.

      Seems all to familiar because it is. Not one iota of change here. Just a great big new tax on a politically ok target to attack.

      Gutless and inefficient government.

    • Nomi says:

      07:56pm | 03/05/10

      Spot on. Rudd is the ultimate useless pm. More tax to get more money to waste.

    • Daniel says:

      12:42pm | 04/05/10

      The Labor way… “first to take money, last to work” Totally agree.

    • Willy K says:

      10:23am | 03/05/10

      “As Wayne Swan said multiple times yesterday, the “super tax” on the mining industry’s “super profits” is about making sure the rest of us, who have so far missed out on the resource riches, get our “fair share.””

      This is a simply a line straight out of Communism 101.

      All Australians are free to own publicly listed mining companies, and private companies don’t owe any of us a cent.

      If Swan actually believes this sh*t then he should p*ss off back in time to the USSR.

    • Andrew says:

      11:18am | 03/05/10

      All Australians were already getting their fair share. Whether it be through taxes, direct share ownership or through their super fund (which would undoubtedly have had at least 20% of their portfolio in resources).

      This policy makes investment in Australia a laughing stock. Sovereign risk normally associated with tin pot dictatorships is now synonomous with Australia.

      No one can honestly believe that this government intends to use this money to improve access to mining through infrastructure development for gods sake they couldn’t put pink batts in roofs and they build school halls at 2x the private sector costs.

      What’s next? A banking industry super tax?

      This is a stealth rise in marginal tax rates. If you earn more you probably buy shares in resources companies (which are down 5% again today).

      This government is cynically redistributing wealth to pay for their welfare nanny state and bigger bureaucracy. What price a new “Department of Mining and Energy Super tax division”?

      Disgusting!

    • R Gray says:

      10:38am | 03/05/10

      It will be interesting to see if Woodside reconsider moving their oil processing to Timor in view of the government’s new tax. This would be a good indication of how the government has not thought this through!

    • Rev says:

      08:30pm | 03/05/10

      If tangible benefits will flow down to the Timorese, I’m all for it.  Should Rudd be re-elected just watch highly skilled professionals and corporations flee Australia for fairer shores.  I work for a mining company which fall under this tax rort and I’ve just ‘enjoyed’ a long weekend at the office discussing the pros and cons of shifting all of our non-core process staff to Singapore or HK.  Personally, I’m up for a change of location and I’ll laugh all the way to the bank when I’m paying bugger all tax.

    • persephone says:

      11:11am | 03/05/10

      R Gray

      Woodside is already paying a tax on petroleum, which this replaces - so there’s no need for them to evade anything.

      If anything, they should be pleased that mining companies are now paying what they’ve been paying for years.

      And this tax operates like a royalty, so it’s what you take out that matters, not where you take it to.

    • Willy K says:

      11:29am | 03/05/10

      Pers. - Even with all the ALP staffer spin you can muster, these lunatic tax ‘reforms’ are stone-cold piles of garbage that will destroy Australia.

      Krudd has now left Whitlam far behind and is setting new benchmarks for incompetence daily.

      I’d direct my energies into usurping Rudd with Gillard etc and lay low for a while rather than attempt to justify or spin this sh*t into anything other than a communist style third world recipe for disaster.

    • Mark says:

      11:54am | 03/05/10

      Great Big New Tax.

      ETS required political courage to balance the books.

      Krudd has no ticker.

      Henry gave him (unwittingly) an out. Political coward that he is he took it.

      Lol….new vernacular, Super Profits. Say hi to the banking sector your next. Then agriculture, then manufacturing then anyone earning a quid. It is only a matter of time.

      And Willy. The big difference between Krudd and Whitlam is ticker. At the least Whitlam had convictions and guts. This spineless bureaucrat has none of that. Gillard will not be looking too flash when the full extent of the BER rorts come to light.

      Combet is my pick to be honest.

    • Andrew says:

      11:56am | 03/05/10

      Yu are mad Persephone. Rudd just gave Abbott amassive free kick.

      Labors been getting millions from unions for years whilst the big end of town is very careful to give almost equal amounts to each party. Big miners will now bankroll the coalition.

      Labor = tax and waste.

      We will see Rudd back down from this or he will be gone. No doubt in my mind.

    • persephone says:

      01:24pm | 03/05/10

      Er, what?

      I point out an error of fact and I get all this?

      Guess that means that what I’ve said is correct.

      So, now you’ve attacked me for defending the tax moves before I even began to do so, what’ve I got to lose?

      Here goes—-

      Willy K

      Saying doesn’t make it so. Facts (or even a vague attempt at argument) would be useful. That you haven’t any of either suggests that there’s nothing actually wrong with the taxes, other than that they’ve been proposed by Labor.

      Why don’t you direct your energies to actual argument rather than just blathering?

      Oh…because blathering is all you’ve got….

      Mark

      even more than usually incoherent. I’m not sure if you think the tax is a good thing because it balances the books; you seem to be saying it’s courageous.

      Andrew

      Abbott isn’t looking or sounding like someone who’s had a free kick - unless it was one up the rear.

      These are the same companies he’s proposing to tax to pay for his paid parental leave.

      And honestly…big mining companies NOT bankrolling the Coalition? What has Clive Palmer been wasting his dosh on all these years?

      Labor won’t miss something they’ve never had.

    • Andrew says:

      02:19pm | 03/05/10

      Pers,

      1. Clive Palmer is a very minor (forgive the pun) player in the Australian mining sector (as is Fortescue by the way). And Palmer’s QLD activities hardly rate a political mention.

      2. I can assure you the big miners have been very careful in the past to not take sides.

      3. You just gave business their “workchoices” issue. Watch how well Rudd handles playing with the big boys. tick tock tick tock

    • persephone says:

      02:44pm | 03/05/10

      Sorry, Andrew, I can’t even begin to find any of it scary.

      Labor is nearly always outspent by the Liberals, so the Libs being cashed up isn’t a worry. And the mining companies themselves don’t command many votes.

      Politically, it’s not going to have much impact at all, and if it does, it won’t be negative.

    • Mark says:

      03:18pm | 03/05/10

      “Politically, it’s not going to have much impact at all, and if it does, it won’t be negative.”

      lol, coward politician

      no ticker

      no convictions

      no ideas

      no policies but raising taxes

    • luke09 says:

      03:48pm | 03/05/10

      Mark, you forgot to add all Kevin Rudd’s backflips and termination of implemented policies.

      Australia has gone backwards under Kevin Rudd with one step forward and now two steps back.

      How much longer can Australia afford Kevin Rudd as PM?

    • Christian Real says:

      04:30pm | 03/05/10

      Mark ,
            “coward politician”
            “no ticker’
            “no convictions”
            “no Ideas”
              “no policies but tax raising”
      It appear like Mark that you have just described Tony Abbott.

    • persephone says:

      04:46pm | 03/05/10

      Christian, it’s what Mark does when he doesn’t have arguments.

    • Ben G says:

      12:07pm | 03/05/10

      The whole “Where’s my share?” argument is ridiculous. I’ll tell you where “your share” is: in the ground of Northern WA. If you want some of it, go help dig it up.

    • Voltaire says:

      12:22pm | 03/05/10

      I have finally come to the view that this is the worst government and worst led government Australia has had in my lifetime

      Whilst no fan of the Whitlam period, at least I could respect the intellectual honesty and commitment of many of its members.

      We have had the home insulation scheme debacle, the buidling eduction revolution disgace, the greatest moral challenge humanity has ever faced becoming the policy that can wait until 2013 backdown and now a super mining tax.

      The mining tax is literally the tax that will kill the golden goose that has supported Australia through the last 12 years. For every mining project that receives the green light, millions of dollars of revenue and hundreds of jobs are created through engineering service providers, the construction industry, the transport industry etc etc.  If a company has a choice between investing 2 billon to build a project where they will be paying an effective tax rate of approx 55% or more (that is right this is a tax in additon to company tax)  or investing in a country where they pay 25% where do you think they will go?  They will go to South America, Asia, the old Soviet Union or Africa.

      This is just appalling.

    • Willy K says:

      12:23pm | 03/05/10

      Spot on.  Glad I wasn’t the only one to be stunned at the straight out communist style language of Rudd and Swan.

      Super profits???  The nerd is a nut job.

    • Edward Bundy says:

      06:42pm | 03/05/10

      To Voltaire…Well, you have to be very careful handling those buidling eduction program disgaces. Sounds like you , like most Tories need to get some of that readin’ and writin’ into you

    • Matt Stewart says:

      08:09pm | 03/05/10

      Well spotted Edward.  When someone makes a typographical error on the internet, we need to make sure we point out how intellectually inferior they are.  Everyone knows that as soon as someone makes a typographical error, all their comments and opinions are null and void.

      I guess when you are incapable of playing the ball, the next best thing is to play the man.

    • Bryan says:

      01:04pm | 03/05/10

      What pure political bulldust is Rudd serving up? Rudd castigates Abbott for his idea of a levy on the big end of town to fund a paid parental leave scheme. Only to come back two weeks later and proposes the greatest Mother of All of a scheme that will penalise one particular industry for being successful. Why? Because it is a popular poll driven idea.

    • Gee Jay says:

      01:25pm | 03/05/10

      This is what ordinary Aussies have been asking for for quite some time..        It is our country and our wealth,and we do not get enough value from those ,mainly foreigners,ripping the guts out of it and transporting most of the profits o.seas…..Rudd and Swan are on a winner here!!                          It will not stop exploration for oil gas or anything else—greed will always triumph..

    • Andrew says:

      02:15pm | 03/05/10

      Really? Which ordinary Australians have been asking for it? What is an ordinary Australian?

      Profits of the Australian mining industry mainly go overseas do they. Where is your proof? You do understand that the mining industry is already responsible for more than 18% of the countries tax revenue and 42% of its exports.

      As for stopping exploration. Whether it stops it not is not the point. Exploration is a minor part of this debate. This is about development. if you have a deposit in Australia or a deposit in South Africa where do I spend my development dollar. Do I spend it in South Africa where labor is cheap but until now sovereign risk was higher than Australia and where transport to market will cost more? Or do I spend it in Australia which is on the doorstep of Asia and where even though taxes are generally higher sovereign risk has traditionally not been a factor?

      You are right, greed will always triumph. The $195,000,000,000.00 of mining development in the pipeline in W.A. for the next 7 years just got redeployed. Less mines, less jobs, less chance to cash in on the once in a century boom that is China and India and ultimately less tax, of course Rudd and Swan will be long gone by then and you will just be awaking from your ridiculous socialist utopian dream.

    • persephone says:

      02:48pm | 03/05/10

      Actually, Andrew, the package encourages exploration by providing a resource exploration rebate in the form of a tax offset.

      And yes, the profits do largely go overseas, as the majority of mining companies are international in scope and ownership.

    • Gee Jay says:

      03:05pm | 03/05/10

      Ordinary Australians are the people i know and mingle witth Andrew , and it has been a topic of conversation for many years….You on the other hand sound like a political or big business hack!                                    We all know that mining is huge in this country,and that is why the tax payer should get a much bigger cut—-nothing to do with the old socialist bogey man..

    • BAZ says:

      05:12pm | 03/05/10

      Mate you are just the sort of guy Kevin ‘07 projects his constant smokescreen at. Hes looking for lazy uneducated’ whinging bludgers. If you want a share of the resources boom come and work 84hrs a week 7 days and get it .Thats how we make our money ,we WORK for it.

    • MD says:

      03:18am | 04/05/10

      You obviously don’t have any superannuation or did you not notice the evacuation of money from the mining sector and therefore your super fund. ($9B at last count)  What industry next is making too much money and needs a Super Tax? How much will your super be worth when you want to live off it if we don’t encourage investment in our key industries. It is our country and our wealth but unless you make it profitable to get it out and ship it then these companies will go where they can make it worth the risk. I guess then Rudd can open the doors to the Chinese miners to come to our rescue. Then see how much money goes into the Oz economy.

    • jb says:

      01:38pm | 03/05/10

      Why pick on one sector, if the Krock of Krudd wants a super tax shouldn’t it be for ALL companies earning over particualr amount?
      This really is disgusting it’s not fair whatever way you want to look at it!
      I don’t need to harp on about it anymore but all Australians already benifited from the mining sector with their super share portfolios, where do you think that money comes from? Interest in the bank…
      This is a backward step and lets see how loud the unions sing once it starts affecting jobs for their members!
      Dumb just plain dumb!
      Look at the share market today, real freakin good Krudd you idiot!

      We will be next…..

    • persephone says:

      04:48pm | 03/05/10

      Oh, like Abbott’s?

      And today’s share market figures are in line with those all over the world, so it doesn’t seem to have anything to do with any local announcements.

    • Nigel Catchlove says:

      05:44pm | 03/05/10

      Wrong persephone. BHP Billiton closed 3 per cent lower ,Rio Tinto closed 4.3 per cent lower, Fortesque Metals down 4 per cent, Rio 4.3 percent down, Newcrest 3.1 per cent down etc etc.

    • persephone says:

      09:25pm | 03/05/10

      And markets internationally were all down today and have been trending down for the last week.

    • Harquebus says:

      01:58pm | 03/05/10

      It’s about time the miners were made to share. Mineral wealth belongs to us all and more so to our indigenous Australians who, again have missed out.

    • Jacob M says:

      02:18pm | 03/05/10

      Harquebus I definatly agree, one day all we will be left is huge holes in the ground, the minerals will be gone. These companies are the bigger winners here. Ordinary Aussies should get a share in our mineral wealth. These companies won’t leave and they will still employ, they want the money!! You don’t run off from the goose that laid the Golden egg. Smokers complained and were ignored over the cigarette tax and these companies should be ignored also.
      Abbott is frothing at the mouth because Rudd stole his thunder, he wanted to tax these companies to fund his maternity leave scheme that benefited only some Australians. Rudds scheme benefits all.

    • Henry says:

      02:36pm | 03/05/10

      You can buy the land and mine it, work for a miner, or invest in a mining company - either way all Australians are free to cash in on mining.

      Mineral wealth belongs to those that WORK to get it out as with every other type of business.  How about you also pay for the hundreds of unsuccessful mines too?

      Ridiculous argument, and totally Marxist just like Rudd and Swan.

    • persephone says:

      02:52pm | 03/05/10

      Henry

      no, mineral wealth belongs to the Crown, which is why you need a license to explore and exploit it.

      It does not belong to whoever digs it out of the ground.

      The tax package will benefit small mining operations, as they are exempt from the tax and will be paying less rate in dollar when the company tax rate drops as well.

    • luke09 says:

      02:02pm | 03/05/10

      What a woeful inept government Australia has had since November 2007. The Henry tax review two years in the making is virtually ignored. Add this to the backflips and sudden terminations of many Rudd policies, and you have Australia now heading backwards at an alarming rate. Please Federal Labor get rid of Kevin Rudd now or Australians will punish you at the polls.

      States such as WA, SA and Qld will not want to see a loss of jobs and income in the mining sector.
      WA are a smart state for not giving up their gst to Rudd now that mining is being hit hard with the new tax grab to payback Rudd and Swan’s careless, reckless and unaccountable spending spree since taking government by deceit.

    • jb says:

      02:33pm | 03/05/10

      Although having said those 2 idiots have made for some great buying opportunities today!

    • JenfromNanaGlen says:

      03:15pm | 03/05/10

      Talk about killing the goose that lays the golden egg!  In the case of this mining tax it is putting the goose on the pill and stopping it from being productive.  How stupid is this government, how short-sighted!

    • Sciling says:

      04:17pm | 03/05/10

      If the resource tax proves to be a disaster, at least one group of people win big time. The residents around open cut coal mines. Now they don’t have to die so the rest of us can feast on their carcasses.

    • Frank says:

      04:33pm | 03/05/10

      More tax to give ruddy more money for waste…..............

    • Manners please. says:

      04:59pm | 03/05/10

      I don’t believe all these knockers have even read the details of this plan.  Perhaps we might get a less personal attack style if they did so.  Oh, that’s right,  they’re not interested in the facts,  just blogging for the Coalition.

    • Christian Real says:

      07:24pm | 03/05/10

      Manners please:
      Perhaps they can’t read, or they are just echoing the diatribe of Tony Abbott and his Opposition party.

    • Andrew says:

      11:01pm | 03/05/10

      Considering the free kick given to the ALP over the years by the Member for the ABC, sorry - Benelong, I don’t think you should begrudge the Libs a couple of bloggers. But even non-party members should be horrified at a govt that blows up $80bn to fight a recession that never existed, hasn’t worked out that stimulus should be ended after 6 months of ABOVE TREND growth, spends the lot on THE most incompetently managed corruption-fests in the country’s history, and then can only come up with a string of massive new taxes to avoid heading down the Greek route. It’s Beazley x 10.

    • Christian Real says:

      08:10am | 04/05/10

      I see where mining companies are threatening the Government that they will take their mining contracts offshore,by all means I hope they do because we don’t need these big mining companies attempting to blackmail or bully the government of the day. Maybe these mining companies should be investigated by the taxation department, they might have offshore bank accounts as well to avoid tax. Perhaps,those companies that are threatening to take their contracts offshore should have their licences revoked and be banned from mining minerals in our Country. One thing is for sure, the 40% tax won’t stop the big mining companies from giving huge and generous donations to their mates in the Liberal party.
      Andrew, The ALP averted a reccession, because of their quick action at the onset of the Global Financial Crises, in fact Australia survived the Global Financial Crisis far better than most other Countries in the World.
      But then again, liberal supporters and their party just don’t want to acknowledge that the ALP did good at anything, because they are so far up themselves, and believe that they are the only ones that are born to rule.

    • Bitten says:

      05:42pm | 03/05/10

      Sadly yet another Australian government had an opportunity to make some hardline changes for the benefit of the entire country over the long term however, like spineless politicians of all stripes, they chose to implement very little: sacrifice the long term gains of everyone for the short term gains of a political party and affiliated public-servant hangers on.

    • James says:

      01:24pm | 04/05/10

      Cry me a river, mining companies get taxed like the rest of us.  If BHP don’t want to mine here then they can jog on and someone else will.

    • Kyle says:

      04:23pm | 07/02/12

      On Q&A, Nick Minchin was sniayg, if you add this tax, the mining companies go elsewhere. But I wonder if this cuts both ways? If company X doesn’t want to operate in Australia because of the tax, does that create an opening for company Y instead?

    • Darker says:

      12:36pm | 10/02/12

      – that’s right, Chris, but since the reailtyos are (in effect) state taxes, then that opens up a different ball game.

    • Nia says:

      02:39pm | 10/02/12

      Andrew, that is not a fair rtpieseneatron of what the government is proposing. In effect, it is proposing to share in both the profits and the losses.

 

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