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The Government is set to pass the mining tax through the senate tonight despite opposition from both sides of politics.
As Parliament resumes in Canberra both the Greens and Opposition have spoken out over the tax, with Greens leader Bob Brown criticising the legislation for being too narrow.
"This is the second best mining tax to say the least," ABC reports.
"The only thing worse than the tax Labor’s now moving to get through the senate is Tony Abbott’s ideal of no tax at all."
According to ABC the Government has promised to publish monthly reports indicating how much money the tax will bring in.
Despite being given qualified approval by the Minerals Council, the mining tax is still strongly opposed by significant parts of the mining industry.
Perseus Mining managing director Mark Calderwood is the latest to publicly criticise the tax, telling The Sydney Morning Herald Canberra has created a "disease" that is set to spread to other countries.
"The new political risk is around taxes and royalties rather than security of tenure," he said.
"They [other nations] see that’s where a government is getting away with it so it’s hard to resist it."
According to the Government while company profits have risen sharply during the mining boom royalty payments have declined, introducing a "strong argument" for the introduction of the mining tax.
The Government says economic modeling from the Treasury as well as independent work by KPMG shows the mining tax will bring in an average $450 a year extra for Australian workers due to the tax breaks it will fund.