Burying our prosperity
The Australian government's actions are reminiscent of a quote from American curmudgeon Henry Louis (H.L.) Mencken:
no one ever went broke underestimating the perfidy of the Australian government. Australia, once proud of its ability to extract and sell resources, now seems to be burying its prosperity under excessive paperwork, moral vanity, and regulatory issues.
Successive governments have quietly waged a war on the mining industry, which funds public services and redistributive policies. The Mining Resource Rent Tax (MRRT) aimed to capture a
fair shareof the mining boom while maintaining strong investment, but although the MRRT is no longer in place, its underlying logic persists.
Author's summary: Australia's government is suffocating its prosperity.
- The mining industry finances public services and redistributive policies.
- The MRRT was intended to capture a fair share of the mining boom.
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