Federal Member for Blaxland, Jason Clare MP said the introduction of the Minerals ResourceRent Tax (MRRT) today will ensure local residents and local businesses get a fairer share of the mining boom.
“We have a two speed economy. The mining industry is booming, but here in Western Sydney unemployment is still high and manufacturing companies are doing it tough” Mr Clare said.
“The events of the past few weeks show how important this reform is – in the same week BHP made its biggest profit ever ($23 billion), here in NSW Bluescope Steel made a $1 billion loss and had to sack 1,400 workers”.
This important reform means:
- Every local worker will get an increase in their superannuation – a 30 year old worker on $50,000 a year will receive an extra $108,000 when they retire;
- Local taxpayers will be able to claim a $500 tax deduction from 1 July 2012;
- Every local business will get a tax cut or tax break; and
- Extra money for regional infrastructure like roads and bridges.
“This is about making sure everyone benefits from the mining boom”.
“Over the past 10 years mining profits have increased 262 per cent – this is about making sure all Australians get a fair share of this”.
“If the Liberal Party is elected at the next election all Australians will not get the benefits of the mining boom:
- 8.4 million Australians will lose hundreds of thousands of dollars in super;
- 6.4 million Australians will not get hundreds of dollars in tax deductions; and
- All Australian companies will have to pay more tax.
Media contact: Chris Zogopoulos 9790 2466
Issued: 2 November 2011