One of the most ferocious battles between the Australian government and its biggest industry has been brought to an end.
A super tax on the mining sector’s super profits has been reduced by ten percent – and the threshold for liability raised.
The dispute ultimately led to the resignation of Prime Minister Kevin Rudd. Now his successor has reached a compromise deal:
“This will deliver better returns for the resources that Australians own and can only be dug up once. It will end uncertainty and division. It will invest a portion of the value of our resources into better superannuation for our people.” said Prime Minister Julia Gillard.
Since replacing Rudd last week, Gillard has resurrected the Labour Government’s flagging popularity.
She is now on track for a narrow victory at the imminent election, which may be called for August.