Despite mining companies crying poor since the slowdown of the mining boom, they are still making multi-billion dollar profits. BHP recently reported an US$13.8 billion profit for the year to June 2014, while Rio Tinto made profits of US$4.4 billion in the first half of 2014. And Gina Rinehart, considered a “junior” miner, has a fortune of US$17.7 billion.
These profits come from resources owned by all Australians. It is only fair that mining companies put back their fair share. Instead they try to avoid paying taxes. Another coal mining giant, Glencore/Xstrata, paid very little company tax at all over the past three years, despite its A$15 billion income. They also receive billions in taxpayer-funded subsidies and concessions from both state and federal governments.
Mining companies spent A$22 million dollars on an advertising campaign to force the Government into watering down its original mining super profits tax. Even in its weakened form our new Prime Minister Tony Abbott abolished the tax, despite his claims that we have a budget emergency.
When Gina Rinehart compares Australian workers to Africans working for $2 per day and claims that Australia is a “high-cost place to do business”, this is just greed. Labour costs are a fraction of overall mining costs.
There can be a different way. Take Norway, where higher taxes on its resources have been invested in a sovereign wealth fund nearly a trillion dollars strong and able to support future generations when the oil and gas reserves run out.
We campaign to ensure:
- All Australians now and in the future benefit from the resources extracted from our country
- Mining companies pay their fair share and put money back into Australia
Get behind the campaign for our jobs and help put some justice back into our broken economic system
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