Freedom of Information documents released by the Government show a decline in expected revenue to be generated by the Government’s proposed Mineral and Resources Rent Tax.

 

The most recent results published by the Government show an expected $11.1 billion dollars over three years if the Mineral and Resources Rent Tax pass into law in July 1, 2012, $5.9 billion shy of their initial predictions of $17 billion over three years.

 

The discrepancies in the tax comes as the Government has announced a $6 billion initiative to redistribute wealth generated from the mining and mineral tax, $5.6 billion of which is dependent on the passing of the Minerals and Resources Rent Tax.

 

However, Treasurer Wayne Swan remained optimistic about the growth of the sector, despite the possibility of the possibility of price-pressures.

 

"But with the investment pipeline ramping up and unemployment falling, the boom will test our economy and our workforce, and price pressures will re-emerge." Mr Swan said in his Budget speech.