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The Federal Government has released its draft legislation for the minerals resource rent tax. The tax rate remains at 22.5 per cent and is restricted to coal and iron ore. Mining companies and other parties have about a month to respond before the final draft is released later this year. BHP Billiton and Rio Tinto have already released statements. Both say they are committed to working with the Government to bring in the tax.

The Greek prime minister has defended a new austerity package despite opposition from both sides of parliament. A growing number in the ruling Socialist Party now oppose the plan, which includes tax hikes and a privatisation programme. Eurozone governments had threatened to cut off aid if Greece failed to implement promised austerity measures. But despite labour strikes and street protests, the Greek government has vowed to make it law before the month is out.

And to the market numbers, in Europe, stocks pared losses after the German parliament backed more aid for Greece. The local share market finished the week with a quiet day of trade. The All Ordinaries added about a third of a percent. In the US, markets are weaker. The Dow Jones is down 172 points. And the local currency is buying around 105 US cents.