If you have access to OneMine as part of a member benefit, log in through your member association website for a seamless user experience.
|Australia's gold mining industry has seen a resurgence in the past seven years - a resurgence the likes of which has been seen in very few, if any of this nation's other mineral industries. Industry experts are predicting that Australia could become one of the world's largest gold producers as the future of the South African gold industry looks increasingly tenuous under the present political crisis in that country. Therefore, it is utterly ludicrous for the Federal Government to introduce a tax which will see the Australian gold industry "wither on the vine."The Queensland State Government is utterly opposed to a tax on gold. Anyone in their right mind, who has seen the statistics could only agree with our stance. In 1984/85, activity in the gold mining industry is estimated to have accounted for over $750 million in national income, over$1,200 million in national output, and tax revenue of at least $115 million as well as providing more than 16,000 jobs. Chartered accountants Coopers and Lybrand's survey on the gold industry last year showed an increase in exploration expenditure by gold producers and explorers by up to 36% in 1986 from 1985 levels. That level is expected to be maintained in real terms for most of the remainder of the decade under the present tax arrangements. This is in contrast with the mining sector as a whole, where a recent Australian Mining Industry Council survey forecasted a 14% FALL in production.|