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Labor’s golden tax-grab

Shadow Minister for Resources, Ryan Smith, and Shadow Treasurer, Louise Staley have yesterday witnessed the impacts of Labor’s unfair gold tax whilst visiting gold mines at Fosterville and Costerfield.

This new tax will put at least $56 million into Daniel Andrews’ coffers in just four years, a new tax which was an ambush on the industry and announced without consultation.

In a brazen attempt by the Andrews Labor Government to avoid scrutiny, the accompanying regulations were only released after this year’s final Parliamentary sitting week.

The gold mining sector provides 1,250 full-time jobs in country Victoria, and is worth $613 million annually to the state’s economy. In addition, these gold mining companies support their local communities, donating hundreds of thousands of dollars back into the community where they operate.

Daniel Andrews’ new gold tax puts this investment, economic activity and community support at risk, and ignores the fact that gold mining provides crucial employment in regional areas desperate for jobs and investment, such as Bendigo, Ballarat and Stawell.

Comments attributable to Shadow Treasurer, Louise Staley:

“The Andrews Government has maxed out the state’s credit card is now making the gold-mining industry suffer the consequences.

“Labor’s gold tax is further proof that Daniel Andrews and Labor can’t manage money and doesn’t care about regional communities.”

Comments attributable to Shadow Minister for Resources, Ryan Smith:

“It’s appalling that Daniel Andrews wants to stifle an industry that is on the road to recovery after a bleak time in the sector.

“Without investment from gold mining, families and communities in regional Victoria will suffer.”

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