Australian Government has once again repeated that it will be too early to write off the proposed mining tax. This was confirmed by Federal Treasury Secretary, Ken Henry, while interacting with the industry.

He argued that it takes time for the proposed measures to become legislation and for those who are trying to write off this tax, it could be a big surprise. 

Most of the industry and economic experts have severely criticized the proposed tax. They feel that it will lead to a lot of loss and investment meant for Australia will not be made and it will also lead to the erosion of a lot of jobs. Some feel that the tax will make Australia a less attractive destination for investment and harm its long term economic prospects.    

Henry stressed that it is still too early to take a decision about the fate of the proposed tax. On the other hand, Australia’s opposition has also severely criticized this tax and feels that the Government should do more to encourage investment and competitiveness of the Australian economy.

Henry pointed that he was not very surprised by the debated generated by the proposed tax and felt that it could still take almost two years for the proposed tax to be implemented by the Australian Government.