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MEMBER 96 writes:

“Member 80’s addition supporting the WA mining royalty – see 2011 TAXVINE Issue 21 (3 June 2011) – is well argued as far as State revenue is concerned. However, it is still wealth of Australia going out of Australia so some portion needs to be retained for the benefit of the whole of Australia. The Resources Tax does this but unfortunately the politicians were not brave enough to withstand the fire of the powerful mining industry. A better Resources Tax is required to claw back some of the Australian wealth that is being exported but it should not be allowed to simply fund Government deficits. It should be directed to infrastructure projects in Australia so all Australians and future Australians benefit from the exporting of our wealth.”