Australian govt lifts super-tax on mining firms

Mining companies have been given a lift, after the Australian government backed down on slapping a 40% super-tax on the sector.

New Prime Minister Julia Gillard has slashed the rate and scope of the levy to end a row which led to the downfall of her predecessor, Kevin Rudd.

The rate has fallen to 30% and will only target the richest exports of coal and iron ore, along with gas and oil projects.