The Abbott Government handed $billions a year to these miners by repealing
the MRRT & the CO2 Tax.
For this reason Australians have every right to expect these miners to
base the revenue from the sale of Iron Ore and as such pay Australian tax
on that revenue.
If the Government of WA has obviously made a mistake in permitting the big 3 to
over produce , then it should simply assure the public that it will not issue
any further increase in the future unless RIO & BHP agree voluntary
to reduce current levels of production. The would bugger their 20 year strategic
plans!
I'm quite convinced that the WA Government would have been given forecast
information on market demand by RIO & BHP so if that information presented to the
Government was away too optimistic, then the WA Government would have
every right in reviewing its decision and curtailing production.
The other option is to simply levy royalties solely on a per ton basis.
