Australia introduces super-tax on mining profits

Wayne Swan, Australia's Deputy Prime Minister and Treasurer, has expressed his contentment after the ratification of a new mining tax which has been debated in Parliament for close to two years. The government hopes that this 30% tax on coal and iron ore production will boost its revenues by approximately A$11 billion. The companies affected by this tax expressed disappointment, with many saying that this so-called super-tax will negatively affect investment in the country's commodities sector – an extremely important component of the Australian economy. After the severe financial crash in 2008 many countries took measures aimed at stimulating their economies, with Chinese commodity demand proving especially ...

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