KEVIN RUDD’S MINING TAX THREATENS RETIREMENT SAVINGS,

POWER BILLS AND HUNTER JOBS

The retirement savings of self-funded retirees have been struck down by Kevin Rudd’s great big new tax on mining with billions of dollars wiped off the value of their superannuation.

Bob Baldwin, Member for Paterson said the announcement alone by Kevin Rudd of his new tax had slashed the retirement savings of Australians by an estimated $6b in the first three days.

In a shallow effort to distract from this damage, Labor has now said the mining tax will pay for the increased superannuation guarantee.

“That is simply untrue,” said Mr Baldwin.

“There is no connection between this tax and plans to increase superannuation savings for current employees, or to cut corporate taxes for business.

“Labor’s great big new tax on the productive mining industry is not paying for the lift in the superannuation guarantee to 12% - business will pay.

“This slug on mining companies does not translate into money in employees’ pockets – it translates into less return for miners, less investment and job creation and an attack on the financial standing of mining businesses which support our economy.”

Energy bills are also likely to rise as a result of this new tax, according to Managing Director of Origin Energy, Grant King (The Australian, 06/05/10).

“This rise in power bills would be in addition to the 64% increase in electricity recommended due to Labor’s Carbon Pollution Reduction Scheme legislation,” said Mr Baldwin.

“It seems the Prime Minister and his local Labor colleague Joel Fitzgibbon are determined to cripple household budgets, destroy the Hunter mining industry and thousands of jobs associated with it.”