High Court rules against Fortescue and states on Minerals Resource Rent Tax

Extract from ABC News Website:

By Elizabeth Byrne

Updated 15 minutes ago

Miner Andrew Forrest has lost his High Court challenge to the Minerals Resource Rent Tax.

The tax applies to profits for coal and iron ore projects above $75 million.
Mr Forrest and his Fortescue Metals Group had argued that the tax discriminated between states and interfered with the rights of states to control their own mineral resources.
He was supported in his challenge by the Queensland and Western Australian governments.
The court unanimously rejected the challenge, saying the act does not discriminate between the states or give preference to one state over another, and ordered Mr Forrest to pay costs.
Federal Treasurer Chris Bowen welcomed the decision and reaffirmed the Government's commitment to the tax.
"It makes a necessary and reasonable contribution to our tax base in Australia," he said.

"I understand it was controversial when it was brought in and it will go up and down from time to time, but now that it's in we wouldn't change it."
However, the tax's future is uncertain despite the ruling, with the Coalition pledging to scrap it if it wins the election next month.