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Labor's mining tax debacle



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MEDIA RELEASE

THE HON JOE HOCKEY MP

SHADOW TREASURER

Thursday 19 July 2012

LABOR’S MINING TAX DEBACLE

Wayne Swan has, once again, belled the cat on his failed mining tax.

In a doorstop interview today, Wayne Swan admitted his MRRT revenue predictions are highly volatile to commodity volumes and price.

“It's always been the case that price is one of the factors which impacts on revenue through the MRRT as well as volumes and sales." Source: Wayne Swan doorstop, Cairns, 19 July 2012

This comes on top of comments on Monday by Dr Ken Henry, a special adviser to the Prime Minister, where he questioned whether it as worth bothering at all with the mining tax.

"I mean the obvious question it raises is one that I dare not ask really, which is whether it's worth bothering at all." Source: Ken Henry, Business Tax Forum, Canberra, 16 July 2012

Just like the carbon tax, Wayne Swan’s complex mining tax is already unravelling and it has only been in operation for less than three weeks.

It is therefore little wonder that NAB’s Quarterly Business Survey released today stated that ‘Business confidence deteriorated in the quarter to be well-below the long-run average’.

The government must immediately act to restore confidence in the Australian economy by repealing Labor’s carbon and mining taxes.

Only the Coalition can restore stable and transparent government.

[ENDS]