States Could Challenge Mining Tax
There’s been some push-back to the newly passed Mineral Resources Rent Tax from resource rich WA with Premier Collin Barnett saying he would support a High Court challenge should one be mounted.
The fiercely opposed Fortescue Metals Group, headed up by chairman Andrew ‘Twiggy’ Forrest, is considering mounting a challenge on the ground the tax is unconstitutional.
The political challenge looks like it could gain Queensland’s support too. Mr Barnett told ABC Radio this morning, ”If the Queensland government chose to become involved, we would welcome that.”
WA and Queensland are the state’s most likely to have their coffers impacted by the new tax as the two focal points of coal and iron ore mining in Australia.
Two thirds of the Australian mining industry is located in WA.
RBA Cautiously Optimistic
The minutes from this month’s Reserve Bank board meeting were released yesterday. The result was predictably similar to earlier releases this year with the board citing improved economic conditions as the reason behind holding rates steady.
Again the mining sector was mentioned as the strength propping our economy up. “Weakness in parts of the economy – including manufacturing, building construction and parts of the retail sector – was being approximately balanced by the strength in the mining sector and some services industries.”
Little comfort for those with a mortgage, but at least the economy as a whole is in good nick for the inevitable rebound.
Phones With Speed LimitsA concerned father in the US has developed a mobile phone app that stops drivers getting distracted when they’re behind the
Father of three Troy Orner created the ‘Life Before Text’ app because he was concerned his own children might get distracted by their phones when driving.
The app allows parents to set a speed limit above which all calls, texts and emails will be blocked. If the cheeky buggers try switching it off, parents are notified by email if the app is disabled.
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