Friday, April 30, 2010

It's on. Rudd will overhaul mining royalties Sunday


Federal Treasurer Wayne Swan says the complex mining royalty system operating in Australia will be addressed in the Henry tax review to be released on Sunday.

Media reports have suggested the review will recommend a new tax on resource companies on top of existing royalties, using the funds to pay for a cut in the company tax rate.

Mr Swan said while he would not pre-empt the government's response to the review, he could confirm there would be recommendations in that area.

"There is debate about the royalty systems which exist - we have something like eight different royalty systems in Australia," he told Fairfax Radio on Friday.

"In that instance the mining industry itself has called for reform in that area.

"That issue is addressed in the Henry review and we will be delivering our response to that on Sunday."

Related Posts

. Wednesday column: We'll still be mining

. We own the minerals, lets get a share of the profits from selling them

. The Henry Tax Review: not quite as leaked