Australian gov't to stick with proposed mining tax: Treasurer

14:08, November 15, 2010      

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Australian federal government on Monday vowed to win parliamentary approval for its mining tax, despite a high-level report recommending changes to its current form.

The Organization for Economic Cooperation and Development (OECD) , in its 165-page Economy Survey of Australia released on Sunday, said the 30 percent minerals resource rent tax level was too low and recommended putting revenue in a reserve fund.

The Australian Greens agree with the OECD comments, making it tricky for the government to get the tax endorsed by parliament.

However, Treasurer Wayne Swan said the government is going to stick with the agreement, which the government has earlier negotiated with three of the nation's biggest miners.

"We will fight for this in the parliament because it is good for the economy," he told ABC Radio on Monday.

Swan also expressed his welcome to the report, because he said "the overwhelming majority of the report is a stunning endorsement of the Government's economic strategy."

On top of calling for high mining tax, the OCED urged the Government to put the tax into the reserves rather than spend it all on infrastructure, to protect it against future economic crisis.



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