9 Feb 2013

Mining tax shortfall

6:04 am on 9 February 2013

Australian Treasurer Wayne Swan has revealed that revenues from the the mining tax totalled $A126 million in its first six months of operation.

Mr Swan said a huge drop in commodity prices in the second half of last year had a dramatic impact on Minerals Resource Rent Tax revenues. The high dollar also had an impact.

The ABC reports the 2012-13 federal budget predicted the mining tax would raise $A3 billion, although that was later revised down to $A2 billion.

Mr Swan had previously rejected calls to release the revenue figures.

Shadow treasurer Joe Hockey described the tax as a "dog's breakfast" and called on Mr Swan to stand down as Treasurer.

Prime Minister Julia Gillard renegotiated the mining tax with BHP Billiton, Rio Tinto and Xstrata soon after she took over from Kevin Rudd as Prime Minister in 2010.