It’s a given, we all enjoy Fridays,  but over in Australia this one is really something special. The nation’s new Prime Minister, Julia Gillard, has come in, cleaned up and thrown out that dastardly 40 per cent Resource Super Profits Tax (RSPT) we have all endured sleepless nights over between May 2, 2010 and today. It’s hard to believe it’s really gone already, isn’t it? Of course, as those waves of relief and thankfulness continue to well over us, it’s important to rake over our alternative tax with a very fine-toothed comb.

We’re now staring down the barrel at the iron ore/coal 30 per cent tax on the top 300 super-profit miners working in these commodities. The tax applies to mining houses which exceed a 12 per cent rate of return; not six per cent like Rudd previously issued. A project has to make more than A$50 million per annum profit to be tax-eligible and, most vitally of all, this tax is NOT retrospective; essentially meaning that unlike Rudd’s tax which stood to rob the miners of previous profit without any consultation, warning or vaguest input, Gillard’s revised tax targets only a very specific and more calculated portion of the industry.

Now let’s not sugar coat anything; it is still a tax, still part of Australia’s much-needed wider taxation system reform and some companies will still incur previously unaccounted charges. And, appeasing the industry whilst retaining some form of tax does look good for Gillard as she continues on in this election build-up.

As Australia’s Deputy Prime Minister, Wayne Swan, said yesterday when rumours of a deal broke there’s still “a long way to go.” This latest announcement is truly terrific news; no question. But let’s see how it all pans out in application before we start the whooping, cheering and Rudd-directed jeering.