Australia’s Mineral Wealth Must Benefit People

Bloomberg reports that Australia’s Treasury Secretary, Martin Parkinson says the world’s largest iron exporter’s minerals must benefit everyone, not just companies.

The market news is quoted as saying,

Australia’s top economic official spoke on the issue after the nation’s Greens Party this week urged Prime Minister Julia Gillard to increase the mining profit tax to 40 percent from the proposed 30 percent. The government plans to introduce its laws in the third quarter of this year and needs the Greens’ support in both houses of parliament.

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