Interpac Business and Migration Solutions Melbourne Australia

(June 13,2010)

TREASURER Wayne Swan has signalled the Government expects to soon begin finalising the design of its divisive mining tax.

In a speech to the Australia India Business Council in Brisbane, Mr Swan acknowledged the debate had been difficult.

"But it's a debate I welcome because it goes to the core of our prosperity in the Asian Century," he said.

"It's really important we have this national debate and every view gets aired as we work towards the final detail of the policy."

The resources sector remains bitterly opposed to the proposed 40 per cent tax on super profits, anticipated to be returns above the long-term bond rate of around six per cent.

In another letter to shareholders, BHP Billiton condemned the Government for not consulting with industry before the tax was announced.

But Mr Swan indicated Government had a plan that was moving to schedule.

"We've said from day one we'll consult with the companies and work towards a final design," he said.

"The first phase was the tax review deliberations; we're now in the second phase which is consultation and debate; soon we'll move to the third phase which finalises the design."

(Source from: news.com.au)