With mining companies (which we’ll call “miners” to make it sound like we’re talking about the workers instead of the investors who actually get the money) and banks posting frankly hilarious profits, this is a good time to take a moment to remember how close we came to destroying them with the RSPT (in the sense of slightly reducing their profiteering as they plunder our one-off resources), and how staggeringly inconvenient any similar move on the banks would be.
If you look at their enormous profits and then subtract 40% of the part of those profits over a particular absurd amount, then they’d only have their full profits plus 60% of the unprecedented extra. Only 60% of a huge amount of money? What would be the point of going on? What kind of investor would participate in such an industry?
Most of them Not a single one.
Anyway, we might not quite have had a total crushing defeat for Labor at the polls, but their spines were broken and they’ll never dare threaten this country’s prosperity – by which of course I mean the prosperity of the richest tiny portion of the country and overseas investors – ever again. And in the end, maybe that’s even more satisfying than the victory on the tax.
Suck it, ordinary Australians.