Wayne Swan says Mining Tax is 'Good to Go'...

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Wayne Swan says Mining Tax is 'Good to Go'...

Australian Treasurer Wayne Swan will today reveal new economic modelling showing the benefits that will flow from the mining tax.

The new figures follow Swan’s announcement yesterday that the legislation’s technical issues had been resolved.

A report by The West Australian today said the mining tax would be introduced to parliament on Thursday.

However it is still unclear if the tax will be voted through, as the Government is yet to win over all the crossbench MPs it needs and support from the Greens remains tepid.

The Greens have signalled support for the 30 per cent MRRT but prefer the initial 40 per cent resource super profits tax devised under former Prime Minister Kevin Rudd.

Yesterday west Australian Liberal MP Mal Washer said he could potentially support the mining tax.

Washer said he would support the Government using the tax to set aside funds for the nation’s ageing population and help struggling industries outside the mining sector.

He said he was aware his position would make him unpopular within his party.

“… I dearly love my party, but at the same time I love Australia number one,” he said.

But Washer’s statements drew public criticism from WA Premier Colin Barnett and federal Opposition leader Tony Abbott.

Mining Tax Still Contentious

According to AAP Barnett said the MRRT was a “stupid, stupid, ill-conceived inept proposal”.

Barnett said Washer was a good member but his stance on the mining tax was “very wrong”.

Yesterday Abbott said he had not spoken to Washer but he was sure the MP would “… get the message one way or another”.

According to Swan’s new modelling $3.7 billion a year from the mining tax will go towards paying for an increase in the superannuation guarantee levy.

The changes mean workers will get a boost to their retirement funds.

Money from the mining tax will also be used to fund a tax break for small businesses.

Washer has not yet indicated if he would be willing to cross the floor and back the tax.

This comment was first published in the September issue of Australian Mining magazine and is reproduced with permission. www.miningaustralia.com.au