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An Australian's context here is that a minerals tax was proposed to build something remotely akin to the Norwegian fund, but was killed for political reasons. T
by prawn 8y ago
An Australian's context here is that a minerals tax was proposed to build something remotely akin to the Norwegian fund, but was killed for political reasons. The key piece of the discussion for Australians is not the tax comparison or oil comparison that you've latched onto, but of a missed opportunity.
Where the Norwegians could appreciate what the sovereign fund meant for them, the attempt in Australia was lambasted as another tax, copped serious lobbying by mining giants, etc.
- daemin 8y agoGranted it would have been nice to have a mining tax in collecting money for Australian social expenses. However if they would introduce such a tax now then it might encourage new mining developments and let them be sped through the environmental checks faster than they are now. So there is a danger we would have many more Adani like mines popped up. Though yet again maybe having a high enough mining tax would possible discourage such endeavours?