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The Gillard Government is today celebrating the passage of the mining tax through the Senate, the final hurdle for the controversial new policy.
With the support of the Greens the legislation passed last night 38 votes to 32, despite repeated attempts by the Coalition to delay the vote.
This morning Prime Minister Julia Gillard marked the occasion, tweeting: "Finally, all Australians will get a fair share of the mining boom".
Treasurer Wayne Swan said the mining tax introduction represented a "huge economic reform of our time".
"We own Australia’s resources, so it’s only fair we share the benefits," he tweeted this morning.
The legislation will impose a 30 per cent tax on super profits reeled in by large coal and iron ore miners, with the funds used to boost superannuation and tax breaks.
According to The Daily Telegraph the average 30-year-old worker will save $108,000 more for their retirement under the changes.
Opposition leader Tony Abbott is still vowing to repeal the tax if the Coalition wins Government, and a group of mining companies led by Fortescue Metals Group is set to challenge the tax in court.
Opponents are expected to argue the tax is unconstitutional on the grounds it discriminates between states and taxes resources owned by the states.
Despite the legal threats Finance Minister Penny Wong said the Government was confident the MRRT was built on solid ground.
While the Greens voted to support the mining tax Bob Brown yesterday said the legislation was "second best", but better than "Tony Abbott’s ideal of no tax at all".