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Business Council Australia calls on to start mining tax all over again

06-21-2010 10:07 BJT

CANBERRA, June 21 (Xinhua) -- The Business Council of Australia on Monday called on the federal government to ditch its planned super profits tax on the mining industry and start all over again with a comprehensive public consultation.

The business council wants a new consultation process open to a full range of tax options on the resources sector.

"The breakdown in the process around the resource super profits tax (RSPT) has damaged Australia's international standing," council president Graham Bradley wrote in The Australian Financial Review on Monday.

He warned there were long-term consequences for investment and growth prospects unless industry concerns were addressed.

"The best alternative now for the government is to embark on a revamped process for the development and design of a more efficient and less damaging approach to taxing resource profits."

Finance Minister Lindsay Tanner said the government was not holding discussions with the industry "just for the sake of it".

"We want to achieve an outcome," Tanner told ABC Radio, adding it had to be the "right" outcome.

"Obviously it is desirable that outcome occur soon."

Relations between the government and the mining industry have soured as both sides accuse each other of using bullying tactics in the row over the RSPT.

Editor:Xiong Qu |Source: Xinhua

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