Rio Tinto looking for a steady hand on the budget tiller
Rio Tinto chief executive Sam Walsh has called on the government to maintain a stable tax regime for businesses in the forthcoming federal budget amid growing expectations that several tax breaks applicable to miners are in the firing line, according to the Australian Financial Review.
“What we and others need in business is stability,” he said. “We need a fiscal regime that does not chop and change.”
“We are investing billions of dollars on the basis of stability.”
Walsh said Australia had been one of the cheapest places globally for Rio to operate six years ago, but rises in input costs, wages and the strength of the Australian dollar meant it was one of the most expensive.
He said Rio had already paid $US9 billion in taxes and royalties last year, giving it an effective tax rate of 40%.
ICAC report looms as poll bombshell
Former NSW Labor MP Ian Macdonald is concerned a corruption inquiry report into his conduct as mining minister could be released in August and become a flashpoint in the federal election campaign, according to the Australian Financial Review.
Independent Commission Against Corruption head David Ipp QC had planned to release four reports into former ALP figures in late July, three of which involve Macdonald.
Ipp said on Tuesday he might have to delay until August a report on Macdonald’s decision to give a lucrative coal exploration licence to former union official John Maitland and his associates.
Macdonald’s barrister, Tim Hale SC said on Friday that his client “would not wish a report to be released in the midst of the federal election campaign with the potential of making him an issue in that campaign”
Business leaders must condemn sweetheart IR deals, says Abetz
The federal opposition will call on business to stamp out sweetheart deals with unions to buy industrial peace and promise a future Coalition government will pursue and prosecute such arrangements, according to the Australian Financial Review.
Opposition workplace spokesman Eric Abetz will call on the business community on Monday to unite and help stamp out the misuse of union members’ money that has ostensibly been donated for work place health and safety funds.
In a speech to a closed-door Australian Industry Group conference in Canberra, Senator Abetz will condemn the creation of union slush funds linked to the Australian Workers’ Union, the Transport Workers Union and the construction union.
