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New costing shows billions lost from mining super profits tax reversal

If the Resource Super Profits Tax had not been watered down and then repealed, it would have raised $34.6 billion dollars, enough to give free dental care to every Australian by including dental in Medicare. 
 
A new costing by the Parliamentary Budget Office, provided to the Greens, shows that the decision to give in to the big mining corporations and billionaires by axing the original “mining tax” has cost the Australian budget $34.6 billion, and bringing a super profits tax back would raise $12.7 billion in the first year. 
 

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Fix mining tax not research cuts: Bandt

Greens Deputy Leader and industry spokesperson Adam Bandt says the Greens want to see the mining tax fixed before considering any changes to research and development tax arrangements.

Mr Bandt says the Greens will get behind the positive jobs and innovation announcements made by the government last week but not the R&D cuts linked to the plan.

"The Prime Minister is spreading misinformation about the Greens' position. The Greens will support the jobs bill because we are pro-jobs, but what we will not support are job-destroying cuts to research funding," Mr Bandt said.

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PM's industry scheme has no guts, no teeth: Bandt

Labor's industry plan lacks guts, Greens Deputy Leader and industry spokesperson, Adam Bandt, said today. Major projects, including the big miners, should have to do more than simply talk to local firms and put an advertisement in the paper. There should also be a requirement to use a minimum level of Australian content.

Mr Bandt said while the plan to connect business and research, including a Melbourne innovation hub, is a great initiative, the government's scheme to create and protect jobs will fail if there isn't real support for manufacturing and services.

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We will close miners asset loop hole: Greens

The Greens currently have a bill before House and the Senate which would close the royalties loopholes. The Greens will now also move amendments to close additional loopholes in the mining tax, which allow mining companies to exaggerate the value of their assets to get a higher tax break.

Closing the depreciation loophole, which allows the big miners to deduct the market value of existing assets over many years instead of deducting the book value over 5 years, could eventually save almost $2 billion a year in lost revenue.

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Cross-bench joins Greens to plug hole in mining tax

Greens Leader, Christine Milne, and Deputy Leader, Adam Bandt, have welcomed the support of lower house cross-benchers for a Greens bill to plug the royalties hole in the MRRT.

Following Senator Milne's introduction of the Minerals Resource Rent Tax (Protecting Revenue) Bill 2012 into the Senate, Mr Bandt today gave notice he will introduce the bill into the house.

The bill will ensure the Commonwealth loses no revenue when State governments raise royalties and will generate $2.2bn in revenue over the next 3 years.

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Greens move to scrap royalty free ride from mining tax

Speaking on Meet the Press today, Greens Deputy Leader Adam Bandt has said the Greens will move to scrap the royalty rebate contained in the mining tax legislation.

Mr Bandt said that the Greiner/Brumby review of the mining royalties has confirmed the inherently flawed nature of the government's royalty deal with the big miners. If the rebate was retained, it would put the Commonwealth's mining tax revenue at the mercy of the States, Mr Bandt said.

"We will move in Parliament as soon as possible to remove this unsustainable deal on royalties", Mr Bandt said.

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