Labor has no plans for new mining tax

Shadow Treasurer Chris Bowen has told reporters in Canberra Labor won’t be seeking a mandate for a new mining tax.

The Minerals Resource Rent Tax was introduced by the Julia Gillard government in 2012.

The MRRT only raised $126 million in its first six months, nowhere near the $2 billion forecast for the financial year 2012-23, and generated only $600 000 in the June quarter last year, again short of the $150 million forecast.

Prime Minster Tony Abbott repealed the tax last September, a move welcomed by the mining industry.

Bowen said the government would not look to implement a new version of the MRRT as it fights to win next year’s Federal election.

"Obviously we'd only implement it in our first term if we sought a mandate and I'm indicating to you we will not be seeking a mandate," Bowen told the National Press Club in Canberra on Wednesday.

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