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Minerals Council of Australia asks Victoria government to ditch new gold royalty

The Minerals Council of Australia wants the government of Victoria, Australia, to abandon a new 2.75% gold royalty, saying it will threaten investment into the industry.

The new tax will be applicable on all operating mines in Victoria, including smaller and marginal ones.

"The [state] government's mining tax grab is higher than Western Australian gold royalties, and ignores the fact that most of Victoria's gold mines are smaller than other states and face a far less favorable regulatory regime," it said May 27.

The council previously said the government failed to consult with regional communities dependent on mining-related jobs.

"Victoria's minerals industry will join regional communities and others in fighting for regional jobs and long-term investment and oppose this new gold tax," the council said.