The federal government has introduced legislation for its new mining tax to parliament, proclaiming it as a proud day for Australians.
Assistant Treasurer Bill Shorten stepped in for Treasurer Wayne Swan, who has lost his voice, to introduce the draft laws on Wednesday.
The 30 per cent minerals resource rent tax (MRRT) will apply to the extraordinary profits of coal and iron ore miners from July 1, 2012.
Revenue from the tax will fund a billion-dollar tax break for small business, a cut to the corporate tax rate, an increase in compulsory superannuation contributions and improve regional infrastructure.
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Sydney Morning Herald
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