I note that Mr Abbott was in the Hunter today ramping up his scare campaign on the RSPT.

Our coal and other minerals are owned by all Australians, were developed over millions of years, and will only be mined once.  The RSPT will replace state royalties which are based on volume with no regard for profitability.
 
The RSPT will ensure that when coal prices are really high, the community receives a fair share.  In recent years that share has fallen from $1 for every $3 of mining profits to $1 for every $7.  But the tax will also reduce when prices are low or a mine is less profitable for other reasons. 

Of course the mining companies don’t like it, because it will deny them some of their super profits but they get to keep 60 per cent of those profits.  The new tax may require some fine tuning and that’s why the Government has established a formal consultative process.

Mr Abbott and Mr Baldwin are political opportunists, opposing a sound principle to win votes.  My experience is that those living in mining communities understand that.

And if Mr Abbott and Mr Baldwin are successful in blocking the new tax they will also be blocking the things it will fund – economic infrastructure, small business tax cuts and additional superannuation savings for low-income families