Comrade Rudd has once again determined that the central government is more effective at reallocating wealth than the marketplace and is looking at taxing super profits from the mining industry. Super profits are defined as profits above the long term bond yield.
Unfortunately what Rudd never counted on was the fact that small miners are always a few dollars away from not being able to fund their mining ventures. A rent tax is a death knell to many potential projects simply because the tax raises the cost of capital.
Additionally, many of the shares of the mining companies are ultimately owned by every day Australian via their Superannuation portfolios.