The Government has received $600,000 (net of refunds) for the June 2014 quarter from the failed Minerals Resource Rent Tax (Mining Tax), which continues to be collected following the Senate’s decision not to repeal the Mining Tax package.
Revenue from the June quarter instalment of the Mining Tax represents just one half of one per cent of an estimated $150 million for the same quarter forecast back at MYEFO. The June receipt is far less than the Coalition Government’s initial forecast in December.
It continues to defy logic that Labor, under the leadership of Bill Shorten, would continue to support a tax which has raised next to no revenue but is linked to spending of $17 billion over the next four years alone.
The original Resource Super Profits Tax announced by Kevin Rudd and Wayne Swan was estimated to raise $49.5 billion from 2012-13 to 2016-17.
The revised Mining Tax announced by Julia Gillard and Wayne Swan was originally estimated to raise $26.5 billion over the same period.
Net revenue from the Mining Tax at the 2014-15 Budget was expected to raise just $300 million in total.
The Mining Tax has worsened the Budget’s position, with Labor having locked in more than $17 billion of spending. The expected net revenue of $300 million is just 2 per cent of the total expenditure linked to the mining tax.
Mr Shorten would rather throw around personal insults than focus on substance and outline how Labor intends to pay for its $17 billion of unfunded spending it chose to lock in against the non-existent proceeds of this tax.