Minerals Resource Rent Tax | 2012
The Minerals Resource Rent Tax (MRRT) was a tax on profits generated from the mining of non-renewable resources in Australia. The tax, levied on 30% of the ‘super profits’ from the mining of iron ore and coal in Australia, was introduced on 1 July 2012. Supporters of the tax pointed to continually-large profits produced by Australian-based mining operations, 83% of which are foreign-owned. The tax was naturally super unpopular with the mining companies who spent $25m campaigning against it.
The political upheaval caused was so great that the Labor Party sacked prime minister, Kevin Rudd, and replaced him with Julia Gillard. The Coalition led by, Tony Abbott, went to the 2010 and 2013 elections promising to repeal the tax. The Coalition won the 2013 election and the tax was repealed on 2 September 2014.
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2