Member for Hunter Joel Fitzgibbon has welcomed changes to the proposal to more fairly and efficiently tax mining profits.

“Good faith consultation and negotiations between the new Prime Minister, key ministers and the mining industry has produced a win-win result for all involved,” Mr Fitzgibbon said.

“The new regime will be more efficient, will attract investment, will be internationally competitive, will allow fair profits for the companies and their shareholders, and will ensure that the owners of the reserves receive a fair share when mineral and coal prices are high.”

“The new tax will also boost superannuation for 8 million Australians, fund tax cuts for business and provide infrastructure funding for mining regions”.