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Edition: U.S. Article Comments (1) Slideshow Save Email Print Reprints Most Popular Most Shared UPDATE 1-Obama pushes immigration reform, seeks broad support 01 Jul 2010 Analysis: Google's private data grab means big legal trouble 01 Jul 2010 Google to buy travel software co ITA for $700 million 8:55am EDT Singer murdered after denying he was dead 29 Jun 2010 Weak private hiring shows tepid recovery 11:19am EDT Special Report: Should BP nuke its leaking well? 11:22am EDT "Last Airbender" another failure for Shyamalan 30 Jun 2010 Wall Street edges lower on payrolls and technicals | Video 11:36am EDT WRAPUP 7-Oil invades more wetlands as surf pounds Gulf coast 01 Jul 2010 Total sees tougher rules as storm spreads Gulf slick | Video 11:26am EDT UPDATE 1-Obama pushes immigration reform, seeks broad support 01 Jul 2010 Special Report: Should BP nuke its leaking well? 11:22am EDT Google to buy travel software co ITA for $700 million 8:55am EDT Consumers sue Apple over iPhone antenna problems 01 Jul 2010 Scrap dollar as sole reserve currency: U.N. report 29 Jun 2010 Weak private hiring shows tepid recovery 11:19am EDT Singer murdered after denying he was dead 29 Jun 2010 Gene pattern predicts who will live the longest 01 Jul 2010 Fructose intake may increase blood pressure risk 01 Jul 2010 Too much fructose could raise your blood pressure 01 Jul 2010 Australia strikes compromise tax deal with miners Digg This Tweet This Share on LinkedIn Share on Facebook Factboxes Australia's new resource tax vs "super profit" tax 2:10am EDT Status of Australia mine projects under tax threat 2:46am EDT Related News Analysis: Rising mining taxes on cards, but no shock moves 10:26am EDT Australia's new tax angers small iron ore sector 6:05am EDT Related Topics World » 1 / 3 A tipper truck carries a load out of the South Limb pit at Atlas Iron's Pardoo mine, near Port Hedland, about 1,600 km (960 miles) north of Perth in this June 23, 2010 file photo. Australia ended a damaging dispute with global miners on July 2, 2010, by dumping its ''super profits'' tax for a lower resources rent tax regime backed by key global miners, freeing the way for an early election. Credit: Reuters/Tim Wimborne/Files By James Grubel CANBERRA | Fri Jul 2, 2010 10:26am EDT CANBERRA (Reuters) - Australia ended a damaging dispute with global miners on Friday by dumping its planned "super profits" tax for a lower resources rent tax backed by big miners, clearing a major hurdle to calling an early election. The deal looks positive for miners and the government. Although miners will pay more tax, the total will be less than under the proposed "super profits" tax -- A$1.5 billion by government estimates -- and the government still gets extra revenue to fulfill pre-election promises. "We were determined to get a fairer share of the mineral wealth in our ground for all Australians," Prime Minister Julia Gillard said in announcing the new profit-based tax. The Australian dollar jumped nearly half a U.S. cent on the news, while shares rose 1 percent early with BHP Billiton and Rio Tinto up around 2 percent, before turning flat on global economic worries. But the tax deal must still be passed by the next parliament, following an election expected within months, with opposition parties vowing to oppose the tax and scrap it if they win office. Gillard has resurrected the Labor government's flagging popularity with voters since her appointment last week. She is now on track for a narrow victory in an election, which may be called for August, according to the latest Reuters Poll Trend. "The government wants a new tax, the coalition doesn't, it's as simple as that, said Tony Abbott, leader of the Liberal-National conservative coalition. "You are going to have to change the government to dump the tax, if Australia's prosperity is to be preserved." MINERS WELCOME DEAL Global miners BHP Billiton, Rio Tinto and Xstrata welcomed the new tax, but not all miners were happy, saying the deal still threatened Australia's resources sector and overseas investment. "New taxes of any scale don't help create jobs or stimulate overseas investment in Australia's resource sector. We still have an issue of sovereign risk," said mining magnate Clive Palmer. The new Minerals Resource Rent Tax will apply only to iron ore and coal projects, while a Petroleum Resource Rent Tax, currently applicable to offshore oil and gas projects, will be extended to onshore oil and gas projects, Gillard said. The resource rent tax will be at a rate of 30 percent, down from the previous "super profits" tax rate of 40 percent, and the trigger point for the tax will be higher, at the 10-year bond rate plus 7 percent, currently at around 12 percent, of return on capital. The petroleum tax rate will be unchanged at 40 percent. The new resources rent tax will apply from July 1, 2012, as earlier proposed for the "super profits" tax. Coal and iron ore account for more than a quarter of last year's A$250 billion export revenues. Their share is likely to rise this year as commodity prices soar and export volumes rise. The earlier mining super profits tax had threatened more than $20 billion in investment, according to mining companies, but no major project has yet been scrapped and several have actually been advanced since the tax was unveiled on May 2. In an immediate response, Xstrata Ltd said it was reinstating about A$600 million ($508 million) in copper mining and exploration at its Ernest Henry mine in Queensland. "I think the Australian government has just won themselves an election on the back of this," said Chris Weston, institutional dealer at IG Markets. "You can't have the government at war with its biggest industry, which is what was happening." Miners had until recently run a multi-million dollar anti-tax advertising campaign. They now pledged to work constructively with the government to keep the industry competitive. "The companies agree that the proposal presented by the government represents very significant progress toward a minerals taxation regime that satisfies the industry's core principles," BHP, Rio and Xstrata said in a joint statement. But the watered down mine tax upset some smaller iron ore miners, the backbone of mineral exploration, who had wanted rebates on millions of dollars spent annually exploring. "We feel we've been hoodwinked though this process," said Fortescue Metals Group Chief Executive Andrew Forrest. ODDS ON LABOR SHORTEN Bookmakers shortened the odds on Gillard's Labor winning a second term -- to $1.33 from $1.35 -- making her clear favorite. "The way the money is coming I don't think the current price will be on offer much longer," said Sportingbet Australia chief Michael Sullivan. The government had originally counted on raising around A$12 billion under the "super profits" tax it had first proposed. Gillard said there would still be enough revenue to fulfill promises to bring in a budget surplus by 2013, lower the company tax rate to 29 percent by 2013-14 and raise compulsory pension contributions from 9 to 12 percent by 2020. World Comments See All Comments (1) | Post Comment Jul 02, 2010 7:50am EDT It is no surprise to we in Australia miners needed to settle this issue quickly. You must understand Australia held all the trump cards against these mining companys. It it all about shipping times. The shipping time from our northern Western Australian ports to say Shanghai is around 9 days and from our northern Queensland ports around 12 days compared to say Brazil around 40 days, and from most other world mining ports around 30 days Australian miners have a huge advantage over those in most other countrys especially when you add the political stabilty in Australia. I predict as time goes by and it becomes more and more difficult for major corporations to establish there business in Asia, Australia will become because of our close proximity to Asia and the amount of business Australia will be doing with Asia a very important country for world wide corporations to establish there Asian headquarters here Tat Report As Abusive See All Comments (1) Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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