Tweaking mining tax is “suicide”

Ah yes, the neo-conservative resources industry arrives right on time with its regime change rhetoric. From The Australian:

THE resources industry has warned Kevin Rudd not to tamper with the mining tax, calling instead for a new compact that will secure the productivity gains needed to offset collapsing commodity prices.

…Bill Beament, managing director of gold producer Northern Star, said he did not feel that changing leaders was going to be as fruitful as the Labor Party anticipated.

On the possibility that Mr Rudd could revisit the mining tax, Mr Beament said the tax was a “disastrous policy that raised nothing and created so much uncertainty”. “To think you’d even entertain tweaking that in this environment is absolute suicide,” he said.

…Privately, at least, the big miners are warning it would be a mistake and that the government could expect another industry backlash such as that which preceded Mr Rudd being replaced by Ms Gillard in 2010. 

And on it goes. I wouldn’t worry, my dirt-digging friends, I don’t think Lord Kevin is that stupid. But notice, nonetheless, the absurdity of the rhetoric. It would be suicidal to ‘fix a broken tax’. Some logic that.

The tax should be fixed after the election. That is, have its loop-holes plugged and actually collect something.