The Fin is reporting that the MRRT has raised $126 million, which is tad under the original expectation of $1.5 billion ($3 billion over the full financial year).
The 22.5 per cent levy on coal and iron ore profits at companies like BHP Billiton, Rio Tinto and Xstrata has been under fire because of the government’s unwillingness to disclose what it had earned. Treasury in November sliced by a third the four-year forecast to $9.1 billion, including $2 billion in the current fiscal year.
I’m surprised it is this much as the big three, BHP, Xstrata and Rio, apparently paid nothing.
I wonder where all those confidentiality provisions etc have now gone, if the Swandive can release the figures. Oh yes, he was just stalling because the truth is ugly.
With the PRRT receipts also welcome down, the line of revenue is way down on Treausury’s MYEFO guesses.
Will the rebound in iron ore prices help? I am told that because there are so many locked in contracts, the jump in the spot price will only have a marginal impact on the tax take. And coal prices have not rebounded to anywhere the same extent.
And so what happens to all those items that are funded by the mining tax then, including the increase in the SGC?