Mining boom undertaxed, says ANZ

This follows phase one (surging commodity prices) and phase two, characterised by booming mining investment. ”Despite expectations to the contrary, [resource rent taxes] have not been an important source of revenue during phase one and phase two of the mining boom and, therefore, will not be a large source of volatility in the coming phase,” the ANZ paper said. ”The MRRT only raised $200 million [or 5 per cent of the amount originally estimated] in 2012-13 and is estimated to raise just $100 million in net terms in 2013-14.

The mining tax, which the Abbott government pledged to abolish, is currently before the Senate. ”The third phase of the mining boom, the production phase, will bring significant benefits,” said the paper. ”Higher commodity export volumes will boost growth, while increased export revenue will improve Australia’s external accounts.

Read more here: SMH


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