Gary Knight critiques Dr Richard Denniss 's attack on the mining industry:
The report is a basic factual account of some figures regarding the size of the Australian mining industry and where the profits go. The interpretation and moral argument that Dr Denniss spins from the facts are truly remarkable and need to be examined.
Dr Denniss argues that 82% percent of Australian mining profits head overseas and considering that foreign ownership of Australian mining is 82% that makes a lot of sense. When I invest in a company regardless of geographic location I expect the return from that investment to flow back to me, otherwise I would sell those shares immediately.
Dr Denniss advocates that this large percentage of profits flowing back the the people who put up the capital in the first place is immoral and as a country we should seek to claim a greater share with the mining tax. It seems to me leftists cannot avoid the temptation to lift even more money from the hands of private individuals.
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