The federal government’s mineral resource rent tax on mining companies could leave the country’s giant resource industry players largely unscathed as compared to the now-presumed dead resource super profits tax’s possible dreadful effects, that according to rating agency Moody’s Investors Services.
The Gillard Government has been untrue in its account of the effect of the revamped resources tax on forward revenue, the Coalition says.
Senator Bob Brown on ABC television last night pledged to put the revised tax through a ''very close Senate scrutiny'' with a purpose of studying the repercussions on small business.
The Cooper superannuation review has held a highly interventionist method to regulation after enumerating extensive cases of market failure in Australia's $1.3 trillion superannuation industry.
The pension industry should offer a new standardised fund with lower charges to help employees save an additional $40,000 (US$33,700) for their retirement, according to a government-commissioned review overseen by Jeremy Cooper, former deputy chairman of Australia's markets regulator.
The Australian Securities and Investments Commission (ASIC) called on companies on Monday that they need to exercise vigilance in submitting their financial reports especially this result season, as it warned supposedly erring firms that the agency is bent on scrutinising hundreds of firms for closer reviews.
The Cooper Review is finally out and among its major recommendations is the formal establishment of a default superannuation to be labelled as MySuper, which is aimed to simultaneously slash superannuation fees and fatten retirement funds.
Treasury Secretary Ken Henry has assured that the Australian government's national budget will not be at risk because of the lower revenue estimates since the landmark deal on the proposed tax on resources was finalised last week.
Debates on the revised mining tax could be far from over as Western Australia Premier Colin Barnett said over the weekend that the new identity of the proposed tax could face some legal challenges as it now appeared to be levied on mineral resources instead on corporate profits.
The Australian central bank may keep its benchmark interest rate unchanged for the second month as inflation rates are seen to be in the upside keeping consumers on the sidelines.
The Australian Greens said over the weekend that the federal government’s policy reversal on the resource super profits tax would result to higher taxes for Australians and could eventually lead to the scrapping of several national services.
The Australian central bank may keep its benchmark interest rate unchanged for the second month as inflation rates are seen to be in the upside keeping consumers on the sidelines.
Reports are calling the government's effort in assisting Australia's banks during the height of the world financial crunch an after-dinner mint after discovering that Macquarie Group chief executive Nicholas Moore held a private dinner for then financial services minister, Senator Nick Sherry days before the help came in.
The Gillard government's mining tax deal will not likely lead to an increase in debt issuance, according to analysts.
Australian Prime Minister Julia Gillard says further consultations and talks will be held with the mining industry players regarding the new mining tax implementation.
Talks over the Gillard government's watered down mine tax announced on Friday carry on as junior iron ore companies propose further concessions in a meeting with Resources Minister Martin Ferguson in Perth today.
Tony Abbot promises to rescind PM Julia Gillard’s new tax on mining if the Coalition wins the elections despite mining giants supporting the new deal.
Andrew Forrest, chief executive officer of Fortescue Metals says that PM Gillard’s new tax on mining had placed only a “reasonable framework” for further negotiations.
An industry group lauded the federal government’s increasing commitment to the country’s superannuation system and declared that millions of Australians are set to enjoy comfortable retirement, thanks to further payments earmarked to the fund as afforded by the revised mining tax.
Tony Burke, Minister of Federal Agriculture has announced that the government will not intervene with the China apple imports, dowsing hopes of the local apple industry.
An economist, who along with 19 economic experts signed a letter of support for the now revised resource super profits tax, said today that the announced mining tax compromise would send a chilling signal that determined corporate manoeuvrings could actually influence government policy decisions.
The Australian government has dropped intentions for imposing 40 per cent tax on thriving mining profits on Friday, preventing a damaging row with key business players and paving the way for smooth national elections.
The Australian Retailers Association (ARA) scored today the federal government’s backtracking move on the planned company tax rates as a result of its revised mining tax which has been adjusted to collect $1.5 billion less revenue from the previously announced set up.
Big miner Xstrata will resume a key project that it postponed after former Prime Minister Kevin Rudd proposed the troublesome resources super-profits tax.
The Australian Securities and Investments Commission had admonished consumer credit providers it will be scrutinising their history carefully before it grants them a licence to operate.
Following the news of a revamped mining tax, a lobby for smaller mining companies argued that the federal government's decision was shaped out with the big three miners at the expense of others.
Global miners were encouraged by Gillard's announcement of a revamped resource super-profits tax, which has previously infuriated the industry in its original state.
Prime Minister Julia Gillard announced today in a press conference in Canberra the revisions involving the resource super-profits tax.
Australian Prime Minister Julia Gillard has announced that her government has reached an agreement with mining companies on a new resources tax.
Metal producers welcomed the possibility that they may be exempted from the Gillard government's modified resource super-profits tax, arguing that they deserved to be treated differently to bulk commodities coal and iron ore.
