Mining tax revenue falls short

Revenue from the mining tax will fall short of earlier election forecasts, Federal treasurer Wayne Swan says.

Revenue from the mining tax will fall short of earlier election forecasts, Federal treasurer Wayne Swan says.

Speaking to media in Beijing, Wayne said that it is unlikely revenues will reach the predicted $10.5 billion over the first two years, laying blame on the rising Australian dollar, which has risen above the US greenback.

He said it “was almost entirely” due to the skyrocketing Australian dollar, as the commodity prices in US dollars have not changed dramatically.

These latest forecasts come on the back of the Gillard Government expecting that the latest mining tax, the Mineral Resources Rent Tax, will bring in $1.5 billion less than the former proposed tax.

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