To say this tax is a good thing for Australia is wrong. Miners do not carry profits overseas unless they are made by foreign investors who first spend millions developing Australian projects, then transferring profits [after paying existing Australian company taxes] back into their own country, they have of course all rights to do this. Australian miners, big or small, make overseas profits and transfer them home all the time, no criticism there, everybody apparently takes it as granted but not the other way around. Also, KZL would not even exist anymore without the China brothers taking them off life support so why should the China brothers not make any profits.
It is correct to say that tax payers are paying for Australian infrastructure. And who are these tax payers? The miners; no one else. There is only one single competitive Australian industry and that is mining, everything else is hanging on to it and would not exist without mining. Especially the no-hope eastern states are so used to living off mining revenues via existing taxes that they have zero interest in developing their own competitive industries. They take the good life from mining taxes as granted, lulled into complacency similar to a from social laws decaying Europe. Letting them starve would wake them up.
KZL Price at posting:
67.5¢ Sentiment: Hold Disclosure: Held
