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Slight majority backs super profits tax
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| Reece Birtles
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Members of the investment community attending the Legg Mason Investment Symposium in Sydney have shown a slight majority support for the Government’s proposed resources super profits tax.
Although 81 per cent believed such a tax would have a negative impact on client investor portfolios, 60 per cent still agreed with the concept of the proposed tax.
Legg Mason Australian equities chief investment officer Reece Birtles said Australians understand the merit of a super profits tax on the extraction of Australian resources.
“Investor concerns are around the very low return on investment hurdle for taxing super profits and the impact on Australia's sovereign risk rating and future investment given the retrospective nature of the change,” he said.
The surveyed audience included financial advisers, investment managers, asset consultants and research analysts.
AUTHOR
Mike Taylor
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