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THE federal government’s proposed resource rent tax has come under fire from BHP Billiton’s recently retired chairman, Don Argus, who has argued the tax will permanently damage Australia’s economic prospects and create uncertainty among investors and miners alike.
Mr Argus said Australians at least deserved to be fully informed about the economic assumptions underpinning the proposed tax before it goes any further.
In a lengthy address to the Australian Council of Superannuation Investors in Melbourne, Mr Argus said he was concerned about the government introducing the resource rent tax when there remained significant uncertainty about the economic outlook and there was a possibility of world economies faltering yet again.
”Here we are, dealing with 18 per cent of Australia’s GDP, and we don’t understand the [economic] assumptions in the model,” Mr Argus later told The Age.
EUROPE’S financial crisis is coming back to haunt sharemarkets as investors fret over the cost to global growth of bailing out governments mired in debt.
Despite a burst of optimism following the region’s €750 billion ($A1.1 trillion) bailout last week, investors are bracing for a period of sluggish growth in Europe.
After demanding budget cuts from many European countries, markets now fear that slashing public spending will detract from the region’s recovery. This would hurt government revenue, which could exacerbate the sovereign debt crisis.
These fears have sparked a plunge in investor confidence, which yesterday saw $43 billion wiped off the value of the S&P/ASX 200 Index.
In its sharpest fall in a year, the index plunged 3.1 per cent to an eight-month low of 4467.2. E
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The scramble to reclaim bank fees
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Chinese property stocks slide
Gold ATM unveiled in UAE hotel
Full-time jobs surge
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Sacked Herald Sun editor Bruce Guthrie was awarded $580,808 in damages plus interest in his unfair dismissal case against News Ltd.
A Supreme Court judge has ruled the Herald Sun wrongfully dismissed editor Bruce Guthrie.
Justice Stephen Kaye awarded Guthrie $580,808, plus costs and interest, for loss and damage.
Changes to the bid documents forced Brazil’s federal rail company Valec to postpone the opening of bids for tenders to build stretches of the Oeste-Leste railroad in Bahia state, a Valec spokesperson told BNamericas.
Instead of May 4, bids will be opened on June 7, the spokesperson said.
In March, the firm launched tenders totaling 4.39bn reais (US$2.38bn) for seven stretches of the railroad.
“Our technical team needed to make corrections to the bid documents to make things clearer,” the spokesperson said.
Clarifications usually involve kilometer markings, monetary values and construction materials, according to the spokesperson.
Works involve building stretches of the Oeste-Leste railroad between the municipalities of Ilhéus and Barreiras.
The first stretch is 125km long and is budgeted at 626mn reais. The second stretch, valued at 657mn reais, is 119km.
Stretches three, four and five have budgets of 491mn reais, 773mn reais and 715mn reais, respectively, and run 115km, 178km and 162km.
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Wall Street takes a pounding
Westpac posts record profit
Stocks tumble on Greece concerns
Rate rises ‘coming thick and fast’
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Wall Street had another volatile day yesterday, with stocks swinging widely before closing sharply lower.
Global stocks slid for a fourth day, erasing 2010 gains for US benchmark gauges, and the bonds of debt- laden nations tumbled after Europe’s debt crisis spurred an equity rout yesterday that undermined confidence in trading systems.