Economists Ross Garnaut and John Quiggin have agreed with the Greens that the mining tax has significant flaws during a Senate Inquiry hearing into the mining tax in Melbourne today, the Australian Greens said.
“Professor Garnaut referred to the Gillard Government’s generous depreciation provisions for Australia’s most established and profitable mines which allows these mining companies to pay very little tax,” Australian Greens Leader Senator Christine Milne said today.
“Professors Garnaut and Quiggin gave evidence that increasing the rate to 40 per cent and extending the tax to all minerals were logical improvements.
“Fixing these three flaws will raise an additional $26 billion over the forward estimates.
“With the $12 billion revenue hole revealed by the Prime Minister today, now is the time to fix the mining tax, not rely on further cuts to education or vulnerable people like single mothers.”
• ABC: Gillard flags budget of spending cuts and tax hikes
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