The AMWU has welcomed the government’s Minerals Resource Rent Tax, which will retain the funding increases for infrastructure spending, skills training, and superannuation announced as part of the Resource Super Protis Tax.

“There was never any doubt that Australians deserved a fairer share of profits we made from our natural resources. The revised scheme will still deliver this,” said AMWU National Secretary Dave Oliver.

Under the renamed tax, the government will bank $10.5 billion in the next four years instead of the $12 billion that would have come from the Resource Super Profits Tax.

The difference will be made up by reducing the cuts to the general level of company tax rates.

“The government has made some concessions on the delivery of this tax, but has stood firm on the major principle that the resource sector should be paying more,” he said.

"Prime Minister Gillard has ensured that working Australians recover some of the share of profits we has lost to mining companies during the commodity boom.”

In particular, the AMWU has welcomed the increase in superannuation from 9% to 12% that will be funded by the new tax.
 
“Lifting the superannuation guarantee from 9 to 12 per cent is an important long term reform for all workers,” Mr Oliver said.