The Federal Government has taken another swipe at BHP Billiton
(ASX:BHP) by releasing a report showing that resource company profits more than doubled last year.
Treasury figures, which are being used to support the Rudd Government’s proposed mining tax, show that profits increased to $91 billion in 2009.
But the Opposition says the figures contradict ABS data showing profits were much lower.
The Rudd Government’s main argument for its 40% tax has been that Australians are not getting a fair share of the commodities boom.
Yesterday the government also criticised BHP in Parliament by tabling a letter showing that the mining giant has asked for greater government investment in a highway near a Queensland mine.
Infrastructure Minister Anthony Albanese argued that the letter showed the resources tax was needed to fund such projects because the miners couldn’t do it themselves.
BHP Billiton’s 2009 net profit was $7.2 billion, about half of what it was in 2008 and 2007.
