The proposed Tax on the mining industry is short-sighted.
The flow-on tax revenue from the investment plans in mining simply blow the potential increase in taxes out of the water. From a revenue perspective, the government was better off getting the investment and taxing the multiple cycles of cash (GST, PAYE and Company Profit (Payroll as well though that be a state tax)). What a massive windfall.
The fundamental basis of the tax, whilst tempting to those of the "they are too rich for me" opinion, is floored. Now the economy is booming and there fleetingly appears some basis for the tax. When things are less rosy, and we are genuinely competing against other countries on the planet for an unfair share of the mining investment dollar, such taxes are shown for the retrograde steps they are.
The "proposed" benefit of the tax (which as assuredly backfired as quickly as the tax itself) was a suggested plan to decrease company taxes for small business. As every small businessperson I spoke to, and including my own thoughts as one myself, paying less tax is good. But what's better is GETTING MORE SALES. Taking an action that is destined to reduce employment and reduce investment in this country is farking useless, no it's dangerous, for me as a small businessperson.
ANY government of any persuasion that introduces such a major, potentially MASSIVE policy without either community or industry consultation deserves the fate it will get.
Gotta say it has been a good job on the economy, but given the war chest provided entirely by the Libs, one may suggest that (in Labor's own words ...) a [i]drover's dog[/i] could have done as well.
His arrogance, including not recognising the historical failure of Ben Chifley in a parallel action, has been aptly rewarded.