Mining Industry Resorts In Scare Tactics To Ward Off Taxes

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The Minerals Council of Australia (MCA) chief executive officer Tania Constable threatened to campaign against ‘bad policies’, referring to the Albanese government’s plans to restructure industry taxation.

Constable and the mining industry urged the government to rule out taxes in the sector, and if their request is not heard, they will launch an ad campaign similar to what they did when the Rudd government put in the super profits tax.

The MCA chief stated that the council is already discussing with the government the windfall profits tax recommended by Australian unions and Nobel-prize-winning economist Joseph Stiglitz. According to Stiglitz, the windfall profits tax may prevent companies from profiting from the Russia-Ukraine war. The move also helps ease the burden of the budget deficit.

“We can’t afford to see jobs go in regional Australia. We can’t afford to see investment slow down. So when bad policies emerge, the mining industry will look at those individually and as a whole and what sort of impacts they’re having,” notes Constable.

Similarly, the NSW Minerals Council says that should the windfall tax proceed, Albanese’s government is breaking a significant election promise, harming the state’s economy and the mining communities.

Council chief executive Stephen Galilee notes, “NSW coal producers have worked hard in recent years to strengthen industry performance. This helped the sector to generally continue operations during the two years of the pandemic, providing jobs and economic activity when most needed in mining communities across NSW. A new, additional tax on the NSW thermal coal export sector would put all this at risk and will be strongly resisted by the sector on behalf of NSW mining communities.”

Prime Minister Anthony Albanese, in an interview, notes that the government had an ‘immediate challenge’ on power prices. 

He adds, “We know there have been some windfall gains coinciding as businesses and households are under pressure. We’ll work through that and land on a solution before Christmas to put some downward pressure on those increases as we advance.”

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