Australia passes 30 percent mining tax

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.