Coal, Iron Tax Will Bring Australia Less Revenue Than Anticipated

Bloomberg reported that Australia’s 30-percent tax on coal and iron profits will bring in only AU$800 million in revenue by June 30, down from an earlier estimate of $2 billion.

As quoted in the market news:

In the following four fiscal years, the tax will raise A$3.5 billion less than earlier forecast, [a Parliamentary Budget Office document] said.

Click here to read the full Bloomberg report.