Mr Rudd would have been better off left on the today show politely fencing with his mate Joe Hockey, its the best part of his CV- nothing that says he should be allowed to run a country!
I can only think the man is a complete imbecile- it like successfully stealing the golden eggs, then killing the goose to feed on it to celebrate.
The majority of work in mining and Oil and Gas is in construction projects and has carried on pretty well from Woodsides first LNG expansion and Rio/ BHP port and mine expansions, and the Bayu Undan project in 2004- to Gorgon today. This super tax will spell the death knell for any new projects not yet committed as Asia and South America and Africa will look much more attractive now that the risk/ reward matrix has swung so far.
Mind you the big end of town are not without resources and will be able to daily leak to the media what exploration/ construction has been cancelled because of the proposed tax- they delay 6 months and scare the hell out of the electorate and the markets? I think Rudd has signed the end of his political career, and after all his other high profile stuff ups and about turns- when he is forced to back away from this one in the national interest there will be no forgiveness I can only hope this is the case, I don't believe our economy could stand a second term of Rudd.
GIR Price at posting:
$1.81 Sentiment: Buy Disclosure: Held
