"It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong." Richard P. Feynman

Wednesday, November 2, 2011

Mining Resource Tax is a Good Idea!

I will have to wash my mouth with soap after agreeing in principle with something Gillard's government is proposing but a resource tax is something Australia should be doing in some form. With huge mining projects currently generating huge dollars Australia should be benefitting more from the mining boom and use the proceeds to save for the future when the boom slows. My support for such a tax is qualified in that any money raised should be used to retire government debt and on major infrastructure projects and to make Australia more immune to global financial shocks. Of course, saving for a rainy day and building for the future are alien concepts to Labor's borrowing mentality and any money raised will disappear without trace in foolish schemes and grandstanding left-supported projects guaranteed to waste taxpayer resources. To use the money wisely we would have to have an adult government and currently we do not have that luxury.

LABOR'S mining tax legislation has been introduced into parliament amid signs it may now secure the vital support of independent MP Tony Windsor.
Assistant Treasurer Bill Shorten stepped in for Treasurer Wayne Swan, who has lost his voice, to introduce the legislation into the House of Representatives.
Mr Windsor said he believed the government was seriously considering his demands for a tougher approach to coal seam gas mining and up to $400 million for environmental assessments of areas slated for gas exploration.
“I am encouraged that the government is engaged in trying to come to some sort of resolution,” Mr Windsor told ABC Radio.
“The inference that I am getting is that they are willing to have a serious look at this.”
In a fresh demand, Mr Windsor also called for a voluntary halt to coal seam gas development in sensitive areas such as the Darling Downs in Queensland and Liverpool Plains in NSW until environmental issues associated with gas extraction had been settled.

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