|Super Profits Tax: Who Owns The Minerals?|
|Written by ACM|
|Wednesday, 02 June 2010|
The proposed Federal Resource Super Profit Tax to be levied on the mining and other industries invites the question who owns the minerals.
The Rudd government argues that this tax must be introduced to ensure a fair return to the people of Australia who they say own the resources.
This is not so. The minerals are vested in the Crown, but not the Crown in the right of the Commonwealth, except for the territories. The minerals are vested in the Crown in the right of the relevant State.
“We do hereby reserve to Us Our Heirs and Successors all precious metals coals and minerals of every description including crude oil ...”
It is signed ” Witness Our Trusty and Well Beloved.... Governor in and over the Colony .....”
In this video briefing on the proposed Federal Resource Super Profit Tax, Professor David Flint discusses the constitutional and legal issues relating to the ownership of minerals in Australia.