Labor's menacing tax memo to the world

The decision to raise Australia's withholding tax on foreign investment brings it into line with other countries but creates a terrible dilemma for institutional investors.

Much has been made about how little the minerals resource rent tax will raise for government coffers and thus help deliver a surplus that's no longer coming. Indeed many column inches have been devoted to how commodity price fluctuations ensured that a reliance on this tax device to deliver in this financial year, or any year, in any meaningful sense was clearly idiotic the day it was suggested.

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