Costings for the Greens by the Parliamentary Budget Office show that the Government could raise an extra $26 billion over four years by returning to Ken Henry's original 40% rate and plugging the loopholes in the MRRT.
Australian Greens Leader, Senator Christine Milne, said: “Ken Henry put forward a well-designed mining super profits tax that would have given the government the resources needed to invest in things like better schools, more research and development, publicly-funded dental care and high speed rail. But then the mining lobby turned up in Canberra with a $20 million campaign and Labor went to water.
“Now, instead of confidently investing in a happier, healthier, smarter Australia, Wayne Swan is scrambling to meet a political surplus target by slugging single parents, cutting support for research, education and training and refusing to lift Newstart to a liveable level.
“These costings show that there’s still time to raise $26 billion over the next four years if the Government is willing to stand up to the mining lobby and work with the Greens.
“The watered down mining tax is a huge opportunity cost to Australia.
" We’re seeing our top researchers and innovative companies go offshore for lack of support, we’re seeing vulnerable people pushed deeper into poverty instead of being helped into jobs, we’re seeing fair school funding and disability insurance pushed into the never never, while companies making multi-billion dollar profits are let off the hook. Where are the Labor values in that?”