Wayne Swan's $1.1 billion budget surplus projection has received an immediate body blow, with the government's new mining tax raising zero revenue in its first three months.
None of Australia's biggest miners - BHP Billiton, Rio Tinto or Xstrata - has any liability under the minerals resource rent tax so far in 2012-13 and the government did not receive any revenue by Monday's payment deadline.
Shadow Treasurer Joe Hockey is spot on:
"The tax has failed. I have never heard of a tax that doesn't raise a dollar,'' opposition Treasury spokesman Joe Hockey said.
"Even the most incompetent government anywhere in the world would not introduce a tax that raises no money. But, this is a new benchmark in public policy.''
What a Charlie Foxtrot of a government we have.