According to reports, The Association of Superannuation Funds of Australia is opposed to the Mining Sectors declaration. The Mining Sector declared that the future resources rent tax will have a negative impact on the super returns.

In its promotional campaign, the Mining Industry reveals that if the tax is implemented then it will adversely affect the common superannuation investor.

According to the Association of Superannuation Funds, there would be less than 1% effect of the tax on the accounts of a common worker. The Associations Chief Executive, Pauline Vamos, reveals that the stocks plummeted by
3 to 6% after this announcement.

Vamos discloses that the provisions of the proposed resources tax will be beneficial for the workers. The provisions include a rise in the superannuation assurance from 9 to 12% and a reduction in the corporate tax rate from 30 to
28%. She said that these measures will be instrumental in increasing the balances of superannuation.

Vamos is of the view that the prediction of the long-term effects of the tax is not possible. However, she pointed out that miners should see the advantages of decrease in the commercial tax rate.

She further added that the provision of the bill will help in getting foreign investment in the industry.