Gillard Announces Ridiculous Tax to Continue, abridged.

Gillard announced today that a deal has been struck with mining companies. The headline rate dropped to 30% from 40%. It will kick in if profits exceed 10%, not 6% as said previously. This will only affect Iron Ore and Coal. The company tax rate will now only drop 1% to 29%. The tax will not be retrospective.
This is a dumb tax which will produce no new revenue. It is only persisted with because, despite being a mistake, the government announced it and persisted with it. Gillard could have dropped it, but she isn't really in charge.