Workers and small businesses in the Inner West are set to share in the benefits of the mining boom thanks to the Gillard Labor Government securing support for the Minerals Resource Rent Tax (MRRT).
The MRRT which was supported by the House of Representatives in a historic vote last night, will help spread the opportunities of the mining boom to families, small businesses and workers right across the Inner West.
The Government wanted to make sure that everyone can benefit from Australia’s strong economy, not just wealthy mining companies.
The mining boom will deliver:
- A major new tax break for 21,000 local small businesses as well as a cut to the company tax rate for all businesses, large and small.
- A boost to the superannuation from 9% to 12% for 60,000 local workers, providing a 30-year-old worker on average earnings with an extra $108,000 in retirement savings
- A much needed extra superannuation contribution for low-income-earners.
The Government is committed to making sure the community receives a fair return from the mining boom and the boost to superannuation will lock in benefits for generations to come.
Tony Abbott and the Liberals might like to stand up for with the wealthy mining companies but I’ll continue to stand up for the hardworking people in my electorate.
Local workers should not have to work hard and retire poor. Nine per cent super is simply not enough.
Local small businesses help form the backbone of our community and the tax break will be a big boost for business cash flow and will help support local jobs.
We know Australia’s mining boom won’t last forever. The resources can be only be dug up and sold once.