Bad News For Commodity Bulls: There's Now Massive Opposition To Australia's Mining Tax

Australia's proposed super profits tax would be great news for commodities bulls, given that it could stunt expansion of the Australian mining industry.

Too bad the tax is facing enormous opposition. The current government could lose big over the issue:

Bloomberg:

BHP Billiton Ltd., the world’s largest mining company, and Xstrata Plc have called on the Australian government to roll back or ditch plans for the tax to avoid a flight of investment from the country, while Sinosteel Corp. today said it was “concerned.” The so-called “super tax” is proving a hard sell in the main mining states of Western Australia, where a poll showed support for Rudd’s Labor Party has fallen to a record low, and Queensland.

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Nationally, a survey conducted between June 3 and June 5 showed 53 percent of voters preferred the opposition, compared with 47 percent who backed Rudd’s party, the first time Labor has trailed in four years.

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