Mining Tax Passes the Senate
The Labor government’s $11 billion mining tax passed through the Senate yesterday, the final hurdle before it’s passed into law.
The Mineral Resources Rent Tax, a watered down version of Kevin Rudd’s mining tax, will slug miners for 30% of the extraordinary profits on coal and iron ore from July 1 this year.
Treasurer Wayne Swan was visibly chuffed with the result, which was passed 38 votes to 32. “A huge economic reform of our time” he hailed the outcome.
Not everyone’s as chipper as Swan about it though, with the opposition claiming the tax will “reduce Australia’s international mining competitiveness, and kill the incentive for further investment”.
In good news for little corporates, the mining tax does clear the way for 800,000 of Australia’s 2.7 million small businesses to get a 1% tax cut.
Apple Pays Dividends
Apple announced plans for its massive US$98 billion hoard of cash last night with the company set to pay its first dividend since 1995 and buy back $10 billion of its own shares.
But don’t be concerned Apple lovers, Chief Executive Steve Cook was quick to point out that this won’t slow down the development of new whiz bang technology.
“Innovation is the most important objective at Apple and we will not lose sight of that. These decisions will not close any doors for us.” Cook said
Apple will pay a quarterly dividend of US$2.65 per share starting in the fourth quarter of 2012. The massive cash pile has been largely generated from sales of its hugely popular iPads and iPhones.
Olympic Trials Quicken Up
After Thorpe’s miss on the weekend it was left to Libby Trickett to blaze the comeback trail, swimming a sharp 54.19s to progress to tonight’s 100m freestyle final.
However, again the trials were dominated by the new generation of Australian swimmers led by 20 year old James Magnussen. The massive bloke posted the fastest 100m freestyle time ever swam without the now banned super-suits.Magnussen, dubbed ‘The Missile’, blitzed the field to finish just 0.19 seconds outside world record pace. "I'm going to be doing everything in my power to break that world record because I do want to be considered the fastest man in history." he said after the race.
Ian Thorpe eat your heart out, there’s a new kid on the blocks.
Jim Stynes Dies
Melbourne Football Club legend Jim Stynes passed away overnight after a long and very public battle with cancer. The big Irishman arrived in Australia aged 17 having barely touched a footy.
He went on to win the AFL’s highest honour, the Brownlow medal, along with four best and fairests and played 244 consecutive games, still an AFL record today.
One of the great success stories of the AFL, Stynes was twice named Victorian of the Year and paved the way for the Irish contingent playing Aussie Rules today.
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