Treasury

At a time when the gap between rich and poor is growing, the Australian Greens want to ensure we all get a fair share of Australia's prosperity. We have demonstrated our economic responsibility by supporting the Government in managing the global financial crisis, savings thousands of jobs and small businesses. We negotiated to improve the stimulus package including providing a $500m community jobs fund.

We strongly support a tax on the mining industry's super profits which if properly applied would generate revenue for the benefit of all Australians into the future. Along with many respected economists we support a sovereign wealth fund being established from the proceeds of the mining boom to help address the two speed economy affecting many business and jobs in non-mining industries such as tourism and manufacturing. 

The Australia Greens were instrumental in the most important economic reform in recent times, the Clean Energy Future package, which is a key step in transforming Australia's economy into a clean, zero carbon 21st century economy and seizing the opportunities of creating jobs and investment.

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Bob Brown press conference on tax to GDP ratio

14 Mar 2012

The Government has room to move $22 billion on tax to GDP ratio

media-releases

Government coffers short $22b: Greens

14 Mar 2012

Australia is a low-taxing country with scope to increase taxation revenues to ensure our future prosperity, Australian Greens leader Senator Bob Brown said today.

news-stories

Last-minute Greens deal paves way for mining tax

13 Mar 2012

Australian Greens Leader Bob Brown has confirmed a deal with the government was sealed in talks today, securing tax cuts for small business.

news-stories

Australian Greens Leader Bob Brown speaks to Marius Benson about the watered down mining tax

12 Mar 2012

Australian Greens Leader Bob Brown spoke to Marius Benson today about the diminished mining tax and government's headlong rush to try to get it through the Senate.

media-releases

Greens will not abandon small business in Labor’s mining tax rush

11 Mar 2012

Australian Greens Leader Bob Brown says the government has itself to blame if the Senate delays passage of the mining tax package in coming weeks.

media-releases

The Treasurer’s questioning of charities' tax deductibility status must be matched by questions to business organisations

07 Mar 2012

The Treasurer’s questioning of charities' tax deductibility status must be matched by questions to business organisations, Australian Greens Leader Senator Bob Brown said today.

media-releases

Mining campaign provides balance

06 Mar 2012

We need a review of coal mines not the gung-ho 'every mine, port or coal seam gas operation must go ahead' attitude taken by Emerson, Swan and Ferguson.

media-releases

Australia should secure its future with a fair dinkum mining tax

05 Mar 2012

"Wayne Swan is right. Australia's fair go is under threat," Australian Greens Leader Bob Brown says.

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Bob Brown press conference about the Christchurch earthquake, extending the mining tax, marriage equality, nuclear subs, and leadership - 22 February 2012

22 Feb 2012

Australian Greens Leader Bob Brown, part way through the Senate inquiry into the minerals resource rent tax, spoke to reporters in Canberra today, calling for the mining tax to be extended to gold and uranium.
The anniversary of the Christchurch earthquake, the Greens' move for a Senate inquiry into the draft Murray Darling Basin plan, equal marriage, nuclear submarines, and the Labor leadership saga were also discussed.

Australian Greens Leader Bob Brown, part way through the Senate inquiry into the minerals resource rent tax, spoke to reporters in Canberra today, calling for the mining tax to be extended to gold and uranium.


The anniversary of the Christchurch earthquake, the Greens' move for a Senate inquiry into the draft Murray Darling Basin plan, equal marriage, nuclear submarines, and the Labor leadership saga were also discussed.

media-releases

Mining tax needs to include gold, uranium: Brown

22 Feb 2012

The Gillard government's proposed mining tax needs to be amended to include gold and uranium, if not all minerals, and the daft plan to refund royalties should be dropped, Australian Greens Leader Bob Brown said in Canberra today.
"If you're going to have massive profits flowing offshore to foreign owners, why not divert a percentage to fund services that people need - now and into the future?
"The Treasurer needs to reconsider extending the mining tax across to gold, uranium and other minerals. The nexus with royalties should also be dropped - it's daft. States have the right to set their own levels of royalties but the open cheque book approach to refunding companies being taken by the federal Treasurer is nonsensical.
"Australia has the means to adequately fund education, health, transport. It should not have a watered-down mining tax pass into law that fails to collect potential funding sourced from resources that belong to the nation," Senator Brown said.
In 2010, four of Australia's biggest gold mining companies were 100% foreign owned and, overall, the industry is 81% foreign owned. An indicative estimate of MRRT revenues from gold is $840 million over the forward estimate period and $1.8 billion over the next 10 years.
Using ABARES' forecast gold volumes and a modest gold price of about $A1,500/oz, the value of gold exports will reach as high as 17% of the value of combined iron ore and coal exports. Gold's exclusion from the MRRT is therefore a significant drain on revenues.
Australia is the world's second-largest gold producer, behind China. Production is dispersed worldwide and Australia has about 13% of the world's gold resources. Iron ore, with a similar level of the world's iron ore resources, has not seen a reduction in investment interest since the introduction of the proposed minerals resource rent tax.
 

The Gillard government's proposed mining tax needs to be amended to include gold and uranium, if not all minerals, and the daft plan to refund royalties should be dropped, Australian Greens Leader Bob Brown said in Canberra today.


"If you're going to have massive profits flowing offshore to foreign owners, why not divert a percentage to fund services that people need - now and into the future?


"The Treasurer needs to reconsider extending the mining tax across to gold, uranium and other minerals. The nexus with royalties should also be dropped - it's daft. States have the right to set their own levels of royalties but the open cheque book approach to refunding companies being taken by the federal Treasurer is nonsensical.


"Australia has the means to adequately fund education, health, transport. It should not have a watered-down mining tax pass into law that fails to collect potential funding sourced from resources that belong to the nation," Senator Brown said.


In 2010, four of Australia's biggest gold mining companies were 100% foreign owned and, overall, the industry is 81% foreign owned. An indicative estimate of MRRT revenues from gold is $840 million over the forward estimate period and $1.8 billion over the next 10 years.


Using ABARES' forecast gold volumes and a modest gold price of about $A1,500/oz, the value of gold exports will reach as high as 17% of the value of combined iron ore and coal exports. Gold's exclusion from the MRRT is therefore a significant drain on revenues.


Australia is the world's second-largest gold producer, behind China. Production is dispersed worldwide and Australia has about 13% of the world's gold resources. Iron ore, with a similar level of the world's iron ore resources, has not seen a reduction in investment interest since the introduction of the proposed minerals resource rent tax.


 

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