Brown supports ‘watered down’ mining tax

 Greens leader Bob Brown has put his support behind the Mineral Resources Rent Tax (MRRT), only because it is better than nothing, he says.

Brown said the Greens will support the mining despite favouring the previous Resources Super Profit Tax and the fact that gold will not be included under its auspices, according to News.com.au.

"The problem here is if we don’t support it, we end up with (Opposition Leader) Tony Abbott’s option of no tax at all, and so you lose more tens of millions of dollars," Senator Brown said in Hobart today.

"We will support the watered-down, weaker tax from the Government rather than no tax at all."

However, Brown continued to push for gold to be included in the MRRT, which currently only taxes coal and iron ore.

“Adding gold – another resource where extraction is dominated by foreign-owned companies – would unlock $1.8 billion over 10 years that could go towards funding smaller-scale projects,” he said.

“There is no theoretical justification for gold’s exclusion from the MRRT.”

Federal resources minister Martin Ferguson yesterday rejected the Greens call for gold to be included.

He said the Greens can forget their efforts to include gold in MRRT.

Brown will use a tax forum next week to push for a tax on financial transactions.

 

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.