(There was no comment on the possibility that perhaps there might have been more if the papers had not been leaked to the Green Wankers before preparations for an orderly release were complete.)
Meanwhile, back at the mine, phailed phlailer Phil Goff and his incompetent wailing mates were busy trying to prove there's no bonanza for the Gummint in these potential mines. (That gap in his teeth looks like an open cast mine on Coromandel.)
You know, the sheers gall of these idiots is amazing.
Every time someone says 'let's catch up to Australia' they cry 'it can't be done so don't bother trying. Australia has all those minerals.' Then, when someone says 'hey look, so do we, lets dig them up and sell them so we can buy some better roads and hospitals' they want you to believe that the wealth is a mirage.
Fortunately, voters are not nearly as dumb as the liars from Labour.
Anyway, Adolf agrees with the Herald, so here's an uneducated go at listing the ways in which mining will grow the public purse. I'll be interested to see the official projections when they arrive.
First up, all the wailers' arguments seem predicated on the notion that mineral royalties will be 1% of sale value.
- I would put each mining license out for tender, carrying an up front 'entry fee' payable along with competitively bid royalties. There might be some sites which would bear a 5% royalty.
- Gummint will gain immediate GST revenue from all exploration expenditure excluding wages and salaries.
- Gummint will gain PAYE revenue on all those wages and salaries and GST when they are spent.
- Gummint will gain a significant boost to GDP from exploration activity, extraction activity and sale of product. (More on this later)
- NZ will gain thousands of jobs in support industries with consequent inflow of skilled migrants and boosts to GST and PAYE - this is precisely Australia's experience.
Oh yeah, what about that increase to GDP?
Well folks, if you can bump your GDP up by five percentage points, suddenly all the bad ratios become good ratios. Suddenly the nation gets credit upgrades instead of downgrades. Suddenly there's less interest to pay on overseas borrowing. Suddenly there's less need for overseas borrowing. Suddenly there's more to spend on infrastructure, better education, better health care and so on and so on.
But Labour doesn't want that. They want to keep you poor so that you can rely on the Gummint for a hand out and they can rely on you for a vote.