The latest propaganda the ALP are spreading in an effort to get re-elected in 2010 is an insult to the intelligence of Australian Voters. They’re at war with the Liberal Party to win the fight to govern Australia and as anyone knows the “first victim of war is THE TRUTH”. They would have the voters believe that the Liberal’s proposed tax on larger companies to fund maternity leave commitments will drive up prices we will pay for goods and services. Yet they somehow expect us to believe that their 3% increase to employer funded superannuation will be absorbed by the employer(s)/shareholder(s). Furthermore, that a “Big New Tax” on Coal & Iron-ore will not diminish dividends to shareholders (mostly super funds) or conversely drive up prices locally for everything that uses Coal, Iron & Steel in its manufacture and a flow-on effect to everything and everyone that uses them.
What hypocrites!
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Thank you for your support to fight the proposed extra tax on the mining industry that threatens to undermine the economic foundations of our nation.
As the Federal Election draws closer, Australians remain deeply concerned about the impact the Mark 2 Super Tax (Minerals Resources Rent Tax – MRRT) will have on the Australian economy and our communities.
Unfortunately for all except the big three multinational miners, the construction of the Mark 2 Super Tax has been shrouded in secrecy.
The Mark 2 Super Tax is as equally unfair as the Mark 1 version, and the ability to model its affects, and in turn finance projects, remains debilitated by the lack of detail and transparency of the new arrangements. We estimate that the marginal rate of tax has fallen from around 57% (Mark 1 Super Tax – RSPT) to around 50% (Mark 2 Super Tax - MRRT) but this remains substantially above the 40% rate that is the next highest rate to be found anywhere else in the world, so will render the Australian mining industry uncompetitive in the global industry.
The changes in the new tax are biased against infrastructure providers like Fortescue, which provides third party access to other smaller miners, so imposes an additional handicap on companies’ ability to fund and construct their own infrastructure. We’ll become a nation that can’t survive without the Government teat. Also, Mark 2’s debt finance benchmark advantages large, multinational, companies with large balance sheets, as opposed to Australian mine development companies like Fortescue that rely on commercial finance to fund project and infrastructure development.
Government and the three multi-national, multi-commodity resource companies hatched a secret agreement that benefited them only. Those companies, and their associated industry representative bodies, were forced to sign secrecy agreements that prohibited them from discussing the Mark 2 Super Tax until after the election. Commentary with the media was banned. What could be so bad in that agreement with our Government that the Australian people are not allowed to judge it - until after they cast their votes?
Here is something for you to consider and pass on if you feel inclined to do so:
http://www.youtube.com/watch?v=uqaRBHVxBXU
We are grateful for your support in fighting this broken tax.
Kindest regards,
Jane Grljusich
Consultant
On behalf of Andrew Forrest
Fortescue Metals Group Ltd
Level 2, 87 Adelaide Terrace
East Perth WA 6004
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