No I don't think it is fair. Neither is it going to be fair when billions of dollars worth of investment moves overseas, depriving thousands of Australian jobs, impacting the budget revenue, economy in general and everything else that comes along with country that is not safe for foreign investments.
None of the economists and politicians who support the tax have any knowledge of the risks, money that gets poured into projects. It is very easy to sit in an air-con office and say WOW...look how much money the mining industries are making it's not fair. We will whack not 10%, not 20%, not 30% but 40% Super tax on top of company tax rate that every business already pays.
The rules have been you pay 30% company tax minus any legitimate deductible expenses + royalties. The mining companies say OK fair enough, we know the rules we will take the risk pour in billions in an effort to make a profit, if we lose those billions as project turns bad that is our money gone foreever! But fortunately, by doing the right things and bit of luck they start making a lot of money and the Government says hey dude, I have just decided to change the rules! It shouldn't be that way.
How would you feel if you negotiated your salary with your boss only to be told 6 months later. Look man, I reckon you earn a lot more so this is what I am going to do...Reduce your pay by 15%. That is called changing rules mid way. If you think that's not right then even the RSPT is not right.
Cheers,
Oracle.