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Mining Tax Only Generated $600,000 Last Quarter

hockeyJoe Hockey is claiming that the government only received $600,000 from the Minerals Resource Rent Tax for the June 2014 quarter.

A statement from the Federal Treasurer’s office says, “Revenue from the June quarter instalment of the Mining Tax represents just one half of one per cent of an estimated $150 million for the same quarter forecast back at MYEFO (Mid-year Economic and Fiscal Outlook).”

“The June receipt is far less than the Coalition Government’s initial forecast in December.”

“It continues to defy logic that Labor, under the leadership of Bill Shorten, would continue to support a tax which has raised next to no revenue but is linked to spending of $17 billion over the next four years alone.”

The original Resource Super Profits Tax announced by Kevin Rudd and Wayne Swan was estimated to raise $49.5 billion from 2012-13 to 2016-17.

The revised Mining Tax announced by Julia Gillard and Wayne Swan was originally estimated to raise $26.5 billion over the same period.

Net revenue from the Mining Tax at the 2014-15 Budget was expected to raise just $300 million in total.

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