The release of the draft legislation last week for the repeal of the Minerals Resource Rent Tax (MRRT) by Australia’s Federal Government is a step towards restoring confidence in the mining and mineral exploration industry, according to the Association of Mining & Exploration Companies (AMEC).

“Since the Resource Super Profits Tax (RSPT) and the MRRT were first announced in 2010, AMEC has consistently stated that the mining tax was an ill-conceived, poorly designed, discriminatory and a refutably bad tax that should be rescinded and replaced with a long term tax strategy that encourages investment and is internationally competitive,” says AMEC's CEO Simon Bennison.

“Since the announcement of the RSPT and MRRT in 2010, Australia’s reputation has been tarnished and industry confidence has floundered.

"The repeal will go a long way to restoring confidence and much needed investment back into the mining industry. The repeal will remove costs on industry as well as save the Government millions in the administration of the tax.

“The repeal of the MRRT has been a key recommendation of AMEC’s Federal Policy Platform, in addition to the removal of the Carbon Tax and streamlining environmental approvals. The Government is working towards fulfilling its pre-election promises of the repeal of the Carbon Tax, MRRT and introduction of a ‘one-stop shop’ for environmental approvals.

“These actions will help to restore industry and investor confidence which are essential to growth and prosperity and the creation of jobs in Australia.

“AMEC calls on the opposition parties to support the repeal of the carbon tax and MRRT legislation in accordance with the Government’s clear mandate provided by the Australian public at the September election,” adds Simon Bennison.

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