"The Senate's vote to repeal the Minerals Resource Rent Tax (MRRT) has removed an unnecessary weight on Australia’s economic growth and competitiveness," BCA Chief Executive Jennifer Westacott said.
"This tax, and the process by which the former government brought it in, has acted as a disincentive to invest in Australia’s minerals sector at a time when the industry is facing pressing challenges to improve productivity and cost competitiveness.
"Repealing the MRRT will help improve Australia’s reputation as an attractive investment destination and ensure a strong, growing resources industry into the future.
"The mining industry is, and will continue to be, a core part of Australia's economic future. We need to make sure that governments do not put up barriers in the way of its ongoing success.
"It is disappointing that some of the provisions in the legislation still act as a burden on Australia's already unsustainable medium-term fiscal position.
"The whole process around the MRRT underscores the need for tax reform to be undertaken properly, rather than through ad hoc measures, and with the clear goals of ensuring governments have sufficient revenue for the future while creating an environment that supports jobs and investment," Ms Westacott said.
For further information contact:
Scott Thompson, Director, Media and Public Affairs
Business Council of Australia
Telephone (03) 8664 2603 | Mobile 0403 241 128