LEADING Australian economist Ross Garnaut has told a Senate committee that the mining tax is highly flawed and may never raise any revenue in its current form.
A Senate committee is investigating the Mineral Resources Rent Tax (MRRT), which has raised barely $100 million of revenue after Treasurer Wayne Swan said it would be relied on to raise $2 billion this financial year.
Prof Garnaut blamed state government royalties and the ability of larger established miners to lower their mining tax exposure, by citing the market value of existing mines, as partly responsible for the lower tax take.
He told the committee that iron ore miners' profits would probably never be as high as they are now again in his lifetime.
Yet lower commodity prices were being blamed by the miners for the MRRT not raising revenue.
State royalties hurt smaller projects and discouraged investment by taxing them, but the resource rent tax was better at taxing highly profitable projects and not marginal ones, Prof Garnaut said.
"Transitional arrangements for past expenditures on what becomes profitable projects are matters of complexity," Prof Garnaut told the Senate hearing.
"The way chosen in this case is extreme in its generosity to the established projects," he said.
The large miners Prof Garnaut referred to present to the committee on Monday afternoon, including BHP Billiton, Rio Tinto and Xstrata.
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