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Australian industry could help ...

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

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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