On 30 September 2010, the Select Committee on New Taxes initiated an inquiry into the following matter: (a) new taxes proposed for Australia, including: (i) the minerals resource rent tax and expanded petroleum resource rent tax, (ii) a carbon tax, or any other mechanism to put a price on carbon, and (iii) any other new taxes proposed by Government, including significant changes to existing tax arrangements; (b) the short and long term impact of those new taxes on the economy, industry, trade, jobs, investment, the cost of living, electricity prices and the Federation; (c) estimated revenue from those new taxes and any related spending commitments; (d) the likely effectiveness of these taxes and related policies in achieving their stated policy objectives; (e) any administrative implementation issues at a Commonwealth, state and territory level; (f) an international comparison of relevant taxation arrangements; (g) alternatives to any proposed new taxes, including direct action alternatives; and (h) any other related matter. This submission seeks to respond to the terms of reference of the inquiry in two parts under the headings ‘Minerals Resource Rent Tax’ and ‘Carbon Tax’.

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