Australian Treasurer Wayne Swan told the Australian Broadcasting Corporation (ABC) the government would not back down on its super profit tax on mining companies.

The government has held initial talks with mining companies on the tax – the first since it outlined its framework on 2 May.

The government earlier said it could offer a revised tax to the mining industry, which Swan said has already spent close to A$100m to fight the tax in advertising campaigns.

This is despite reports by the ABC today that Treasury boss Ken Henry told an Australian mining magnate the tax would not work if it wasn’t adhered to in its present form.

The Australian Government has said it would consider removing the 40% guarantee on losses.

The government is running a A$38.5m ($32m) advertising campaign to urge Australians to support the tax as part of an overhaul of the economy.