- Rudd is gone! Long live the Queen.
- Is the media biased on the Resource Rent Tax issue...
- Who is affected by Rudd's tax
- Kevin Rudd has no empathy for taxpayers
- Rudd selective with the facts
- Governments ought not be quasi-equity partners
- When philanthropy is a dangerous concept
- Hogan's moral rights swept aside
- Dr Ross Garnaut's views on the Resource Rent Tax
- Wesfarmers joins RRT opposition
- Strategy for mining industry - part 2
- Oppose the Resource Rent Tax
- Rudd to make concessions
- The anatomy of a tax cheat
- Replies to common misconceptions about RRT
- High Court action not the next step - ask the GG
- Open Letter to the Governor General
- Greatest wealth expropriation coming
- What ought the mining industry do on the RRT
- Non-conceptual mining industry a problem
- Peak mining body ready compromising
- Teele raises sovereign risk issue
- Mining industry is not prepared for the RRT battle...
- The problem with lobbyists
- Miners cancelling projects by the dozen
- ▼ June (25)
Wednesday, June 9, 2010
Finally someone is talking about the sovereign risk issue which we raises about 3-4 weeks ago. The Australian Foundation Investment Company (AFIC) chairman, Bruce Teele, has raised the specter of Rudd scaring off investment in Australia. In fact the damage has already been done. Maybe that was the intent...the intent being to soften capital inflows so that the Australian dollar is relatively undervalued. i.e. The Euro and USD are going to come under pressure. This could be bad news in the future for countries like Australia. So maybe Rudd is only too happy to live off tax receipts from mining over the next few years whilst mining projects are stalled by a 'double-dip' recession.
Teele said "He also believed the tax had little chance of being implemented".
I would have thought so too if the mining industry put up a better fight, but actually they are doing a poor job. I guess they have yet to start lobbying the public with TV advertising. But consider this:
1. The global economy is about to weaken, and the mining industry might be conceded by Australians apprehensive about the environment
2. There are very few miners in Australia who are 'owners'. Most are 'managers'
3. The resource rent tax looks like being copied around the world
4. The mining industry is not a big employer
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