Australia's vaunted mining tax - designed for the government to grab a share of booming resource...

|By:, SA News Editor

Australia's vaunted mining tax - designed for the government to grab a share of booming resource company profits - is a money loser, projected to raise $4B in 2013-2014 while the programs it finances will cost $5.7B. And what happens when those windfall profits and the taxes dwindle in coming years? The programs will remain. "Only in America," as Yogi Berra might say.