Business

Mining Tax nets no cash in its first quarter

CROSS-BENCH MPs will push for the government to make changes to the mining tax, after the tax netted no government revenue in its first quarter earlier this year.

Greens MP Adam Bandt will introduce a bill to make changes to the minerals resource rent tax (MRRT), after party leader Senator Christine Milne tabled the same bill in the upper house.

Mr Bandt said the changes would ensure some $2.2 billion in government revenue would end up in the Commonwealth coffers so deliver disability, dental health, and education reforms.

"By caving in on the mining tax, the government has given the keys to the Commonwealth coffers to the states," said Mr Bandt.

"I am very please that my cross-bench colleagues have thrown their weight behind the Greens' bill.

"Given the support in the House, the government now has no excuse not to accept the Greens' proposal and fix this revenue hole."

He was joined by independent MP Rob Oakeshott, who will second the bill for debate.

The pair said the bill would ensure the tax would bring in revenue, as well as remove the need to reimburse state royalties under the tax.

Mr Bandt said he was concerned the government would not deliver its numerous promises to the nation.

He also feared the pushing of such financial investments out to 2020 could jeopardise the future of the National Disability Insurance Scheme and Denticare.

Mr Oakeshott said he would back the Greens' bill on the grounds he was also worried the government could not deliver either its surplus for 2012-13, or its existing promises.

Topics:  adam bandt greens mining tax rob oakeshott


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