A GROUP of 20 academics and economists has weighed in on the super-profits tax debate, backing the Rudd government’s proposal that mining companies should pay more.
The group, including former chairman of the Australian Competition and Consumer Commission Allan Fels, issued a statement today supporting the proposal to claw back 40% of mining’s super profits.
They say the ongoing debate over the tax has been dominated by misinformation but admit it is still appropriate for the big miners and government to negotiate the finer details.
“Mining is different to other industries in that it uses and depletes natural resources,” the group said.
“The existing royalty system reflects the fact that it is desirable to levy a charge for access to publicly owned mineral resources, in addition to normal corporate income tax.”
They said the move was consistent with effective economic strategy.
“The miners are paying the wrong kind of tax,” Fels told ABC Radio.
The University of Queensland’s John Quiggin said there was no reason to think that the tax was going to affect the world price of minerals, or lead to higher food costs.
The group also won the backing for a bigger tax on profits from the Minerals Council of Australia, but it was critical of the government’s “practical implementation” and design of the resource super-profits tax.
MCA chief executive Mitch Hooke accused the government of rejecting mining industry overtures for genuine consultation on the tax.
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