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a pair of petulant brats...
Opposition Leader Tony Abbott is refusing to back the deal made between the Federal Government and the resources sector over its redesigned resources tax.
Mr Abbott is not rescinding his calls for a new tax on the mining industry to be dumped and has declared that the next election will be a referendum on it.
The Government has backed down on several key areas in a bid to end the damaging stoush with the resources sector, dumping its Resource Super Profits Tax for the Minerals Resource Rent Tax (MRRT).
...
Opposition Treasury spokesman Joe Hockey says the new regime will be the most complicated in the world.
He has accused Wayne Swan of being the most incompetent Treasurer Australia has ever had.
"This is not tax reform, this is tax confusion," he said.
Resources Minister Martin Ferguson has told The World Today Mr Abbott is now alone in his opposition to the tax.
"They're the only ones out there in splendid isolation at the moment opposing the mining companies who are now accepting of the need to pay higher taxes," he said.
"If Tony Abbott and the Opposition want to completely oppose reform in Australia they will stand condemned."
Treasurer Wayne Swan says any legislation is unlikely to enter Parliament this year.
The Greens support the tax but will seek to make amendments.
- By Gus Leonisky at 2 Jul 2010 - 6:07pm
- Gus Leonisky's blog
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mining shares hit the roof...
'Australians are entitled to a fairer share of the mineral wealth within our ground,'' Ms Gillard told the briefing, calling the accord with the big miners ''a great result.''
The Opposition remains opposed to the new tax even in its modified form, while Greens leader Bob Brown says the changes will be closely scrutinised by the Senate.
The Minerals Council, formerly among the fiercest opponents of the tax changes, today backed what it called ''a real rent tax.''
Treasurer Wayne Swan accredited the breakthrough to Ms Gillard's role, lauding a "marked change of attitude". ''Her intervention changed the tone of the debate,'' he told the media briefing. "We have a situation where the larger companies are going to be paying more tax and that needs to be understood."
Investors have cheered the resolution, sending the Australian dollar up half a US cent on the news to about 84.6 US cents.
Shares of big mining companies also got a boost in early trading as the overall market advanced before paring gains in afternoon trading. BHP Billiton, the world's largest miner, rose as much as 1.6 per cent, or 59 cents, to $37.70. Rio gained $1, or 1.5 per cent, to $66.10, while Andrew ''Twiggy'' Forrest's Fortescue Mining Group jumped as much as 16 cents, or 4 per cent, to $4.16.
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Gus: at least the government won't be covering losses for the mining industry in exchange for a lower tax rate... Hey, even Mr "Twiggy" is now worth 4 per cent more than yesterday... That is a lot of cash. Meanwhile, the opposition still has rocks in its head.