WEST Australian Premier Colin Barnett wants BHP Billiton and Rio Tinto to start paying higher iron ore royalties from the start of July, despite the completion date of their $US116 billion ($133bn) iron ore joint venture likely to drag on beyond that date.
About bloody time one of our premiers stood up and demanded a share of the natural wealth of Australia being shipped overseas. With so many of our mines overseas-owned the profits go off-shore with the ore . I think a much higher resource tax than the 5.6% would not be out of place so our children will not inherit a large hole in the ground where Australia used to be. Mind you , one cannot be too sanguine about how well our economically illiterate, intellectually-challenged politicians will spend any extra wealth extracted from the extractors!
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