Aussie MiningTax Agrement Reached -Yet To Pass Into Law Via Parliment

ABC radio news reports the the Fed Govt has reached agreement with mining companies over the new mining tax proposa

(see ABC Radio.org.au)(for very detailed report)

The news seems to have put the Aussie Dollar up

Some details via ABC Radio Australia

proposed tax 12 and half billion reduced by about 1 and half billion

company tax reduced from 30 % to 29%

tax only affect coal gas iron oil and NOT other minerals-these companies can pay-see my earlier blog re companies having problems where to put their huge profits(via mineweb newsletter)

Opposition to still oppose the tax

Greens to oppose the  reduction of 40% to--------- 30%=budget cut of 10% or tax increase of 10% for taxpayers

Council rates have gone 6% electric 13% etc etc

Seems coal gas oil iron companies have sided with Labour and left other miners to their fate

There is less revenue for govt and more tax deductions for mining companies

So tax payers will pay more tax to subsidise miners and govt will have to cut items from budget

So miners WIN--or govt buys off miners ? Taxpayers lose

Tax start 2012-still to pass Greens and Opposition in parliment

See ABC Radio .net .au for detailed report and confirm facts