Australia says new mining tax raised $131 mn in first six months

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Australia says new mining tax raised $131 mn in first six months. (Reuters) Australia says new mining tax raised $131 mn in first six months. (Reuters)
SummaryTreasury had forecast that the tax on the super profits of iron ore and coal miners would raise A$2 billion.

Australia's Minerals Resource Rent Tax (MRRT) raised A$126 million ($131 million) in its first six months of existence, far below what the government had hoped to make.

Treasurer Wayne Swan announced the amount in a statement on Friday. Treasury had forecast that the tax on the super profits of iron ore and coal miners would raise A$2 billion over the full fiscal year to end June 2013.

"It's clear revenues from resource rent taxes have taken a massive hit from the impact of continued global instability, commodity price volatility and a high dollar," said Swan.

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