Australian treasurer announces resources tax transition team

Mining and energy experts will join Australian federal government's panel to oversee the implementation of its minerals resource rent tax (MRRT), if Labor retains power at the Aug. 21 election, Treasurer Wayne Swan said on Tuesday.

The government previously announced the Policy Transition Group will be co-chaired by former BHP Billiton Chairman Don Argus and Resources Minister Martin Ferguson.

Treasurer Wayne Swan announced the other members of the group in a statement on Tuesday.

They are former chief operating officer Woodside Petroleum Keith Spence, former Rio Tinto group executive David Klinger and chair Toro Energy Erica Smyth.

They are joined by KPMG services firms chairman Chris Jordan and executive director of the Department of Treasury's revenue group David Parker.

The group will advise the government on the development of the technical design of the tax and the transition of existing petroleum projects to the proposed expanded petroleum resource rent tax.

"They will also consult with companies directly affected by the tax, relevant government departments and stakeholders," Swan said in a statement.

The team will be supported by representatives of Treasury, the Department of Resources, Energy and Tourism, the Australian Tax Office and the resources industry itself. It will also obtain advice from other independent experts.

The group will report to the government by the end of 2010.

Source: Xinhua