Former Australian opposition leader comments on mining tax

10:47, May 10, 2010      

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Former Australian opposition leader Malcolm Turnbull said on Monday it was no surprise a large number of Australians oppose the government's proposed mining tax, given the reaction of the share market.

"It doesn't surprise me that there is a lot of opposition to this tax," Turnbull told reporters after addressing a resources conference in Sydney.

"Australians can recognize that the mining sector is a vital part of our economy. It is the most dynamic part of our economy.

"They see the importance of the big mining stocks and their own superannuation funds and they've seen the damage that (prime minister) Kevin Rudd's new tax has done to the value of those shares on the stock market. He (Kevin Rudd) has put thousands of jobs and savings at risk with this tax."

"I've always supported the mining industry," Turnbull told Australian Associated Press.

"What we're having at the moment is a debate about how much of the profits of the resource sector should be appropriated by the government."

A Herald/Nielson poll published in The Sydney Morning Herald on Monday showed 47 percent of those surveyed were opposed to the 40 percent tax on mining company super profits.

Some 44 percent of those surveyed in the poll has supported the proposed tax, which is not due to come into effect until July 2012.

Source: Xinhua
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