Tax the super-profits of mining multinationals

By Spirit of Eureka
For a Just, Democratic and Sovereign Australia

Australia’s sovereign wealth belongs to the people

  • No austerity measures!  No cuts to jobs!
  • No cuts to public spending on people’s health, education, welfare, social and community services!
  • Impose a minimum 20% tax on the super profits of mining multinationals!

Australia is a country rich in natural resources.  This sovereign wealth must belong to the Australian people.  They are national assets that must be used wisely for the benefit of our people and protect the environment.

These national resources must not be given away ‘for a song’ to multinational mining corporations who dominate the economy and send billions in profits overseas.

The Australian mining sector has reached more than 83% big business foreign ownership.  Giant multinationals BHP-Billiton, Rio-Tinto, Xstrata, Anglo-American, Alcoa, Chevron, Shell reap huge profits from our national resources and the labour of workers. 

Imperialism is restructuring Australia into a minerals quarry for the extraction of raw materials, whilst processing, manufacturing and jobs in Australia are sent offshore.  There is very little value-adding of minerals prior to export.  Minerals processing,manufacturing industries and jobs are disappearing in Australia.

Aboriginal People dispossessed and impoverished

Those who suffer first from the multinational control of Australian mining are Australia’s Aboriginal people.  They are pushed off their lands, dispossessed, paid inadequate royalties and thrown into deeper poverty to make way for the plundering and profiteering mining corporations. 

Mining profits have increased by 900% in the past 9 years.  In the next 5 years these giant foreign mining monopolies will send $50 billion in profits out of Australia to their corporations’ head offices, mainly in the US and Europe. 

For the first half of 2011 Rio Tinto recorded $7.8 billion in profits.  A 30% increase on the second half of 2010.   BHP-Billiton, the biggest global mining multinational, recorded $10.52 billion in profit for the second half of 2010.

Workers create all the Profits 

These super profits are created by the labour of thousands of workers, but benefit only a tiny handful of the rich mining corporations.

On average each mining worker in Australia creates over $1million a year in value for the mining corporations, whilst receiving $117,500 per year in wages.  90% of the value created by many thousands of hard working mining workers is kept by a tiny handful of mining multinationals.

The mining monopolies get away with paying token taxes on these profits. 

Ordinary people’s taxes pay for the infrastructure and services used by the mining multinationals in the making of their super profits:  roads, railways, ports, water and power services, health services, education, skills training.

The profits made from Australia’s national resources and workers’ labour must be used in the interests of the people and the environment. 

Australia’s people want these profits to be invested in education, healthcare, community services, public transport, infrastructure, clean energy and for developing environmentally sustainable local agricultural and manufacturing industries and jobs.

An independent and truly democratic Australia would build an environmentally clean minerals processing industry for value adding, create jobs and develop a balanced national industrial base.

The massive profits made from Australia’s natural resources and workers’ labour would be invested in building a sovereign and balanced national economy that benefits the people and protects the environment, not the profiteering multinational corporations.

  • Build national minerals processing and manufacturing industries that generate jobs, decent wages and conditions, and respect the environment.
  • Establish a sovereign wealth fund from the mining profits to store the enormous wealth from our national resources for the needs of future generations.

Spirit of Eureka (Australia)

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