Australian Prime Minister Kevin Rudd, facing a backlash over his super profits tax, has promised A$2bn to the state of Queensland if the proposal is approved in the hope it will ease concern states will lose out because of the fund.

Rudd has promised to create a A$2bn regional infrastructure fund for the state.

He said the proceeds from the proposed tax will be funnelled back to infrastructure funding in rail, road, ports in mining regions and communities in Queensland, and in other states.

The controversial proposal is expected to generate about A$6bn for regional infrastructure in the country.

Rudd is facing stiff opposition from mines and some states following his proposal to levy a 40% resource super profits tax on any returns on capital above the ten-year bond rate.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData