Rinehart doesn't need tax cut promised by Abbott: Swan

25/05/2012 - Treasurer Wayne Swan says mining magnate Gina Rinehart's new standing as the world's richest woman shows she doesn't need the tax relief promised by Opposition Leader Tony Abbott.

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"As I have said repeatedly, we celebrate wealth creation in this country," Swan said in a statement on Thursday.

"But we want even more people to have a stake in our success and we don't think the world's richest woman needs the tax cut Mr Abbott has promised her."

The opposition has vowed to repeal Labor's 30 per cent minerals resource rent tax (MRRT) if its wins government.

Swan said the federal government was spreading the benefits of the mining boom through the MRRT, which begins on July 1, to all Australians.

The tax will fund increases in family payments for 1.5 million Australian families, tax relief for businesses and increasing the superannuation savings of 8.4 million workers.

Rinehart's $29 billion mining fortune is $3 billion greater than that of Christy Walton, the widow whose inherited wealth springs from the US retail giant Wal-Mart.

She has also topped BRW's list of the richest Australians.

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Have your say...

Karen Welsh | 25/05/2012 15:32 1

Minerals and ore are supposed to be Australian owned for the benefit of us all. Why are we still providing subsidies?

dave d | 25/05/2012 15:32 2

Swan , you really are a dumb a*s . sure Rhinehart makes billions that's because shareholders invest - why do they invest - because it is a attractive proposition - but you already know this - just another Bulls*it excuse to have a shot at someone who actually does something for this country - you're pathetic.

Kermit | 25/05/2012 17:51 3

Let's make sure in their bid to keep the "miners" interested in our mineral wealth...they don't give up the "royalties" that provide a link back to the "states" where the "real people" who keep this lucky country running and supported with services are living. All too often we hear how "the states" have done discount deals to attract mining investment....politicians are suckers for this...mainly "blood suckers!" and "wealth (opportunity) wasters".

Goldie | 26/05/2012 08:15 4

Abbot has it wrong when he proposes to drop the mining tax and he really should reconsider this as the country is entitled to a better deal from its resources. It is just a pity the whole exercise was handled with typical Labor hamfistedness. With their record does Swan really expect us to believe it will be used for what they say, only a fool would.

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