Australia, one of the world’s richest natural resource country has its credits ratings reduced in its largest state, Western Australia, from three stars to two stars.
Instead of having used its riches to bolster the wealth and it’s crumbling infrastructure for the whole of Australia and its citizens, all of that frenetic mining exporting has done is to enrich the few billionaires and their shareholders.
The profits of its resources, especially iron ore, did not get taxed at between 50 to 70 % as is done in Norway, instead WA received tax concessions and other inducements.
Ah well, Mr Abbott. Cut the mining tax and see the soup queues grow even longer.