One of the maxims of fiscal policy is that when a government is on the hunt for revenue, weird and unexpected things can happen. Everyone had better be wary, but especially large businesses that report large absolute profits.
This maxim was demonstrated in the recent federal budget, and it is being demonstrated again now in Western Australia, where the new Labor government wants – and is going to ‘ask’ – BHP and Rio Tinto to bring forward a number of years’ (30 is suggested) payment of the longstanding 25 cents-per-tonne iron ore lease rental fee.
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