Bloomberg News

Gillard Government Introduces Mining Tax Bills to Parliament

November 02, 2011

Nov. 2 (Bloomberg) -- The Australian government introduced mining tax legislation to the lower house of parliament today, saying proceeds will be used to lower the corporate tax rate, encourage retirement savings and pay for roads and railways.

The proposed levy will “fund billions of dollars of new roads” and other critical infrastructure, Assistant Treasurer Bill Shorten told lawmakers. The tax will ensure the proceeds of an unprecedented mining boom benefit all parts of the economy, he said.

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