Thursday, May 27, 2010

Henry - here's what he said that I tweeted

Details later

Risk to retirement savings? "I think this tax will make investment less risky. Gov good for 40pc of losses" 

RT @hughriminton #Kenhenry, facing Barnaby explaining difference between ore mining+oil wells, deadpans: "It's amazing what one learns"

People who really believe share price volatility is due to the mining tax seem to lose some money I suggest

Other countries such as Norway have managed to attract substantial investment taking 95 per cent of the profits 

I am not aware of any decision to change the package. Q: It was in the paper. Henry - I don't reply on newspapers

Are you happy with response to Henry Review? "It's a first installment - a pretty big one"

An enormous amount said by execs about impact on investment, but we remain very confident of our budget investment forecast

Econtech has not probably not modeled the transition to the tax. That would be very difficult, truly monumental. 

Regional effects: I am pretty confident the modelling would show net benefits in the mining states.

Sounds counter intuitive but incidence of company tax falls on workers. That's why we recommended using RSPT to cut it.

If it was your own asset you wouldn't give it away

Selling minerals is a balance sheet transaction - it cannot go on forever to finance recurrent spending.

If all sectors lost jobs the way mining did we would have an unemployment rate of 17 pc

Mining industry did not save Australia from recession - it went into recession...

You will get an increase in mining investment cos of removal of royalties, lower co tax

An RSPT of 50 pc would have no different economic impact to an RSPT of 40 pc

To extent project possible in a world of no tax, would still be profitable with RSPT

I don't see any extra sovereign risk, in any case there's less project risk if govt underwrites 40% of costs

It was not the purpose of the RSPT to slow the minerals sector.

Henry sledges Minerals Council's tax "analysis"

You only get a rate of tax of 56.8 if the rate of return is infinitely large

Henry - extra super will come out of wages not profits, according to Treasury analysis

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