Mining tax raises only $126m

The government’s mining tax has only raised $126M in its first six months, Treasurer Wayne Swayne is expected to announce shortly.

In 2010, the Government predicted the tax would raise $3.7 billion, a figure which was re-forecasted to $2 billion for the 2012-12 financial year.

Labor has been under pressure to reveal secret details on the mining tax and the amount of money it has raised, The Age reported.

A new motion, moved by Greens leader Christine Milne and backed by Coalition senators this week, was passed after legal advice provided to both groups claimed the parties could request revenue details from the tax commissioner.

While exact details are private BHP Billiton, Rio Tinto, Xstrata, and Fortescue Metals Group said earlier this month they had escaped paying the tax for the second quarter in a row.

It was estimated that BHP and Rio alone would provide between $1 billion and $1.5 billion in MRRT payments in 2012-13.

Treasurer Wayne Swan said it was ''clear revenues from resource rent taxes have taken a massive hit from the impact of continued global instability, commodity price volatility and a high dollar''.

''Revenues across the board are down very substantially – MRRT is a profits-based tax that raises more revenue when profits are higher and less when they are lower.''

Australian Mining reported last year that doubts were being raised over the Gillard government’s expectations of the revenue it would collect from mining taxes.

 

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