Minerals Resource Rent Tax

The Minerals Resource Rent Tax (MRRT) was an Australian tax imposed on profits from the extraction of iron ore and coal. It aimed to share resource wealth more fairly between companies and the community, based on the idea that these resources belong to all Australians. The tax applied only to profits exceeding certain thresholds and was meant to ensure that abundant natural resources contributed back to public services and infrastructure. Introduced in 2012, the MRRT was later repealed in 2014 due to concerns about economic impact and industry competitiveness.