Gillards mining tax shambles unravelling

[IQS.RLOW]

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Australian Prime Minister Julia Gillard’s tax on iron ore and coal company profits is illegal because it limits state governments’ ability to finance development, the Western Australia state government said.
The structure of the Minerals Resource Rent Tax, implemented July 1, offsets any reduction in state taxes, inhibiting states from offering tax breaks to companies agreeing to finance development in remote regions, Western Australia said. Its Dec. 21 filing to the High Court of Australia was made in support of a challenge by Fortescue Metals Group Ltd. (FMG) that the regulation is unconstitutional.

Looks like the ALP will screw this up. Not only did they design a tax that doesn't collect anything and harms confidence and investment, they did it unconstitutionally.
Remember when they said the Malaysia solution was legally clear?

Yeah, they fucked that one up too

[harvey]

Looks like the ALP will screw this up. Not only did they design a tax that doesn't collect anything and harms confidence and investment, they did it unconstitutionally.
Remember when they said the Malaysia solution was legally clear?

Yeah, they fucked that one up too

It's all Abbott's fault for not supporting and disagreeing with ALP policies.