The Australian parliament has passed legislation for a new 30 percent
mining tax by 38 votes to 32, with the bill expected to become effective on July 1, 2012, according to media reports.
The new
mining tax aims to gain A$10.6 billion from major Australian miners BHP Billiton and Rio Tinto and other
iron ore and coal miners within three years. The
mining tax will also contribute to the government's plan to return its budget to a surplus.
Increasing demand from China and other emerging economies has boosted the
mining industry in
Australia which has significant
iron ore and coal resources.