14:18 AEST Thu May 20 2010
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The federal government and the big miners continue to battle over the super profits tax.
The federal government has dismissed as an "assertion" a major miner's decision to shelve $17.5 billion of new projects because of a planned resources super profits tax.
Fortescue Metals Group chief executive Andrew Forrest on Wednesday said the company would temporarily shelve two major West Australian projects, potentially scrapping 30,000 jobs.
But Foreign Minister Stephen Smith on Thursday downplayed Mr Forrest's announcement.
"I've seen the assertion, and I don't put it any higher than that," he told ABC Radio.
"In these debates you always have people who suggest that this possible project, or that possible project, has been shelved as a result of a government announcement.
Mr Smith said the tax would not come into play until July 2012.
"So when projects are said not to be going ahead there are always a range of sophisticated reasons ... there will be plenty of assertions in the course of a robust debate."
Mr Smith said it would be interesting to see whether the WA government would raise royalties in its state budget on Thursday (1600 AEST).
Respected economist Ross Garnaut, who first recommended a resources rent tax nearly 30 years ago, says proper implementation of Labor's super-profits impost would not drive investment offshore.
"It doesn't distort any investment production decisions or trade decisions," the chairman of Lihir Gold told ABC Radio on Thursday.
"The broad approach I think is sound, (but) the detail needs a lot of analysis."
Professor Garnaut criticised the way the government announced its policy, saying the lack of consultation had caused a lot of unwanted "noise".
Politics needed to be taken out of the discussion, he said.
"That's the way that we'll actually work out whether investment is being affected in a way that's damaging to the economy."
Prof Garnaut also criticised the reaction from the resource sector, saying mining industry leaders are not "trade unionists or shop stewards".
"We have got to get out of that shop steward mentality and back to analysis."
Federal Treasurer Wayne Swan says some sections of the mining industry will run scare campaigns over the planned resources super profits tax.
"Mr Forrest can come up with a scary headline and there can be heated threats, what the government will do is act in the national interest," Mr Swan told reporters on Thursday.
"Mr Forrest will act in his own interest, we will act in the national interest.
"I acknowledge that there will be sections of the industry that will run scare campaigns, that will defend their interests.
"My job is to defend the national interest."
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