Yesterday your humble blogger received information from an experienced mining industry source concerning the Minerals Resource Rent Tax (MRRT).
Information that represents potential dynamite to the Gillard government.
Blasting a huge hole in a budget that is already shot to hell.
This industry source suggests that Gillard and her pack of no-business-experience-disconnected-from-reality incompetents, along with the equally disconnected-from-reality “modellers” in the Treasury department, have been comprehensively conned by the clever accountants and lawyers of the Big Miners. This source believes the design of the legislation is fatally flawed; so much so, that a consequence of the last minute change to a key threshold made by Gillard to gain the support of Andrew Wilkie to pass the bill, means that the government now may not receive any revenue from their MRRT at all. Or at the least, it may be quite a number of years before they even begin receiving any.
I have some serious follow-up research to do before bringing readers this story in full.
Stay tuned.
Barnaby Is Right 
Not only giving in to Wee Willie Winkie to raise the threshhold but anyone can see that maybe the boom we have experienced recently might easily bust. This was a ridiculous tax and it is a sure thing that the government is barking up the wrong tree regarding the windfall it was supposed to be getting. Look forward to hearing more on this from you.