6 Jan 2014

So how much money will the China First mine generate for Oz?

The China First coal mine in the Bimblebrox nature reserve in Queensland has been given the go-ahead. We are told that the environmental destruction is worth it for the money. So Barometer turned to an economist to see just how much financial gain there is for Australia – and the answer is – not that much.
Economist Richard Denniss of The Australia Institute spoke to Sue Reece and broke down the figures on the mining industry in general, and China First in particular.
Listen to the 12 minute interview here

87% of mines in Australia are foreign owned! Even "Australian" BHP is largely foreign owned. 

We know from the tax office and the bureau of statistics that mining tax is one of the lowest rates of corporate tax in the country... around 18% compared to the 30% official rate. 

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