Mining tax a step closer for Australia after passing lower house

This is the tax that brought down Kevin Rudd’s government.

30% levy on the biggest profits from minerals boom will fund infrastructure, pensions and business tax cuts

the Guardian, 

22 November, 2011

Australia’s plan for a 30% tax on the biggest profits in its booming mining industry has cleared its biggest political hurdle with legislation passing parliament's lower house after last-minute support from the Green party.

The vote is a major victory for the prime minister, Julia Gillard, and her Labor government after 18 months of acrimonious debate that brought down her predecessor, Kevin Rudd. Mining companies ran a public campaign against his original 40% tax plan.

Gillard wants the new tax on mining profits to pay for a company tax cut and boost pensions, helping to spread the benefits of Australia's resources boom to other parts of the economy struggling with the global downturn.

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