Australia's new government vows to prioritize mine tax

Australia's new Labour government said on Wednesday it was aiming to enact a new mining tax amanufacturers of mining equipment plants in south africas soon as possible, but could tweak its design after talks with a loose coalition of independents backing it in minority rule.

But the government's fragility was on show on its first day, with one of the two kingmaker independent MPs at odds with the deputy prime minister's comments on the mining tax, suggesting it may take longer to become law than the government expects. Mining stocks were sold down in overnight London trade after Prime Minister Julia Gillard won backing from two independent MPs to clinch an historic election win with a razor-thin parliamentary majority of just one seat. "We've got a commitment to the minerals resource rent tax. we made that commitment at the election," Deputy Prime Minister and Treasurer Wayne Swan told Australian television.