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Australian industry could help growth, says BHP Billiton

Jac Nasser, chair of BHP Billiton, says that Australia's economy would benefit from improved industry productivity and government policies.
<p $$hash="6435-0"><span $$hash="6434-0">Australia’s industry productivity and government policies could help to improve the country’s economy, says BHP Billiton chairman.

<p $$hash="6438-0"><span $$hash="6437-0">Jac Nasser said, at a British Chamber of Commerce lunch in Melbourne: “If Australia doesn't get both of these policy settings right - industrial relations and taxation - we will not drive the improvements in economic prosperity that we should all expect for our country.”

<p $$hash="6440-0"><span $$hash="6439-0">As the leader of Australia’s most major resources company, he also criticised the high levels of tax that miners have to pay. He said that they contribute a particularly large portion to the public budget and that any changes to the tax system should take this into consideration.

<p $$hash="6442-0"><span $$hash="6441-0">Last year, the Mining Resources Rent Tax (MRRT) was implemented as a means of boosting funds in the budget. However, as Australia’s mining boom winds down, the tax has yet to reach the targets that it was predicted to gain. As a result, the government has had to look at other areas, such as superannuation taxes, to gain more money for the budget.

<p $$hash="6444-0"><span $$hash="6443-0">Posted by Craig Francis

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