Thursday, May 17, 2012

Jacques Nasser, Chairman of BHP Billiton slams the Labor Government for mismanagement


The big guns of the mining sector have let loose at PM Julia and Treasurer Wayne Swan with a broadside from Jacques Nasser, Chairman of BHP. You can't get any bigger than BHP, which is the world's largest mining company, that originated in Australia at Broken Hill.

Nasser condemns the Labor Party for sowing hatred and envy amongst the working class not involved in the mining industry and for ever bringing uncertainty into the tax system. Labor has top priority the redistribution of wealth even before it is created! Nothing is done about making it easier to create wealth and of boosting productivity. Grandiose schemes of wealth distribution are legislated, the funding of which are dependent on supposed tax revenues from the mining sector that are at the mercy of fluctuating commodity prices and adverse geopolitical scenarios.

Don't kill the golden goose. Mining companies are like all other companies and are taxed at the 30% rate on profits. Also, on top of this, depending on the commodity, they are levied a State imposed Resource Rent Tax. Now, this temporary Labor Government of PM Julia has passed a "Super Profits Tax" which is earmarked to pay for all sorts of social security benefits, including an increase of superannuation.

My view is that we don't want or need any of this socialist nanny state legislation. Australians are perfectly capable of managing their own affairs and assisting the not so well off without such horrific Government interference, which is the slippery slope to a mind-contracted Communist Society. If you think BHP and other mining companies are making super profits and ripping off Australia then go and invest your savings in the company, which is what our Superannuation Funds are doing anyway. We don't need Wayne Swan telling us what to do.

I am hoping this awful Labor Government of PM Julia will come to an end ASAP, preferably by the end of this financial year (end June 2012). Let's make it happen. Allano