doggsie A Resource rent tax would be a total disaster for the...

doggsie
A Resource rent tax would be a total disaster for the mining industry, mining employees and the economies of SA, WA Queensland and NT.

While in the short term it would raise significant tax revenue in the long run it would have a adverse impact on tax revenue as the impost of such a crazy tax would result in almost all new projects being shelved as they would not be financially viable to get funding. This would lead to a slow decline in mining output as existing projects were mined out, reduced jobs, less tax, less money and ultimately a insignificant mining industry.

It would result in the BHP's ,RIOS etc looking offshore for new projects

As to governments spending the money wisely. That is also fantasy land. The govt would waste the money on wherever the votes were and that would not be on Ports or Roads.

It is common economic wisdom that if you want industry and the economy to grow and prosper then you should tax it less.

While I believe that a resource rent tax is a crazy idea and that any competent government would ignore it the current government is certainly not competent so anything is possible.