Despite promising “no new taxes”, today’s surprise news that Daniel Andrews intends to tax Victoria’s gold miners is another example of the Labor Government’s inability to manage money.
It is all very well to promise the world in order to get elected but, inevitably someone has to pay for those promises.
With $56 million expected to be gouged from our local miners, Daniel Andrews is thumbing his nose at yet another industry, demanding taxes that were not previously flagged.
In a press release dated 8 March 2019 Resources Minister, Jaclyn Symes, said-
“Victoria’s wealth was built on gold mining and the industry remains integral to creating regional jobs.”
It seems Labor’s budget is to be built on taxing that industry, with the miners’ ability to employ to be hampered by this new, unheralded tax.
In an uncertain environment gold miners, like all industries, will think twice before making decisions to invest in Victoria if they feel they are exposed to a tax regime that will materially hurt their bottom line.
It remains Labor’s approach to managing a budget – taxing more to pay for their unaffordable promises.