Australian Senate approves law to tax 30% iron ore and coal mining companies

Tuesday, March 20th 2012 - 04:46 UTC

Full article 5 comments

The Australian Senate has pushed through into law a 30% tax on iron ore and coal mining companies. The tax will raise A$10.6bn (11.2bn dollars) over three years from major companies including BHP Billiton, Rio Tinto and Xtrata. Read full article

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Think
TWIMC

Australia 2012:
”Strong demand for raw materials from China and India has lead to a resource boom in Australia. The mining tax is aimed at distributing the benefits of that revenue to other segments of the economy.

Argentina 2007:
Strong demand for agricultural products from China and India has lead to a resource boom in Argentina. The Agricultural tax is aimed at distributing the benefits of that revenue to other segments of the economy.

Smart people, those Aussies............
Mar 20th, 2012 - 05:16 am - Link - Report abuse 0
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Helber Galarga
they sure are Think! and I was thinking along the same lines you were when you drew that comparison.

Argentina attempted something similar with the Resolución 125 but to no avail thanks to that idiot of Cobos (and, granted, the Gov't poor undertaking of informing about it and negotiating it).
Mar 20th, 2012 - 07:43 am - Link - Report abuse 0
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GreekYoghurt
@1,2 If they have the same inputs then it's weird that the outputs are so different. Australia is a modern democracy, developed with a vibrant market economy and a great standard of living. Argentina is a corrupt mafia-run hell hole where $billions goes missing, democracy is bought wholesale and the standard of living is absolutely terrible.

Something to do with the fact you speak italiano-spanish, whereas Australians speak english.

End of Story.
Mar 20th, 2012 - 12:00 pm - Link - Report abuse 0
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Helber Galarga
once again GreekTool, riveting, exhaustive, and ground breaking analysis.
thank you for that, once again, meaningless contribution.

At least you are consistent. :D

Carry on.....
Mar 21st, 2012 - 09:55 am - Link - Report abuse 0
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Frank
@4 So can you please explain how two countries which both shared very high living standards 100 years ago, both had similar economies and both had been colonised by europeans are now poles apart in so many ways?
After all Argentina would appear to have far more arable land...... maybe they just need more arabs.......?
Mar 21st, 2012 - 08:42 pm - Link - Report abuse 0
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