The old aphorism about the number of chickens from their precursor eggs that should have served as a source of wisdom for Wayne Swan and his peons in treasury. The fact that he had already planned a virtual feast of omelettes, sweet custards and ostentatious pavlovas from the proceeds of his mining tax demonstrates that both he and his mistress in the lodge really haven’t got a clue about the difference between their wild imaginings and the reality of the economic environment.
Only The ALP under the leadership of Julia Gillard can create a tax with such fanfare and then have it collect no revenue at all. Frankly there is one simple upside to this and that is the abolition of this badly designed tax will actually improve the government balance sheet because the commonwealth will save on the administrative costs that it has created and there will be no revenue losses to be made up elsewhere because this tax collects no revenue.
At every possible level its a very big Labor fail
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