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Mining’s fair share

Facts: Mining has paid $117 billion in company tax and royalties since 2006-07. Mining paid $21 billion in 2011-12 alone – double its payment in 2006-07. Mining’s tax take has been high and stable averaging in excess of 40 per cent over the past five years. The tax take from Australian iron ore and coal producers is in the top quartile of countries - the global average is around 39 per cent.

PRODUCTIVITY COMMISSION SUPPORTS UNTANGLING EXPLORATION RED TAPE

The Productivity Commission’s recommendations arising from the inquiry into mineral and energy resource exploration are a strong endorsement of the imperative to cut the red and green tape holding back the minerals industry. In its final report released today, the Productivity Commission draws attention to policy processes which fail to assess the benefits of exploration.

SENATE SHOULD REJECT GREENS’ OFFSETS INQUIRY STUNT

The Greens’ proposed inquiry into environmental offsets is a waste of the Senate’s time, energy and resources. The offsets policy, established by the former Labor Government in 2012, was finalised after two years work involving the CSIRO, the broader environment movement and leading Australian universities.

MINERALS INDUSTRY WELCOMES STH KOREAN FREE TRADE DEAL

The Australian minerals industry strongly supports the Free Trade Agreement with South Korea - one of our longest term and most important export markets. Australian iron ore and coal has helped transform the South Korean economy by providing the raw materials to build modern cities and affordable energy to power their vibrant manufacturing sector.About 75 per cent of Australia’s exports to South Korea are minerals and energy products with a total value of $15.3 billion. The South Korean FTA will provide a significant boost to Australia’s exporters by removing tariffs on a range of commodities including gold, titanium oxide, lead and nickel. The minerals industry congratulates Trade Minister Andrew Robb for his determination to deliver this and other FTAs in the interests of Australia’s exporters. The Federal Government’s focus on FTAs sends a powerful signal on the importance of open trade and investment to Australia’s future prosperity.

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