The Australian government has announced it is open for discussions with the mining sector over the controversial resource super profits tax and is anxious to resolve the matter as quickly as possible.

New deputy prime minister Wayne Swan, who was in Toronto for the G20 summit, said in a private session on Saturday and in a press conference later that the government would like to conclude talks with the mining industry over the 40 per cent proposed tax that was announced in early May.

Mr. Swan indicated that the government is keen to settle the matter, which has inflamed miners and caused a dramatic fall in the government's popularity, before the next federal election. He did not, however, explain how much the government is prepared to move.

The RSPT was unveiled two months ago following a review of taxation by Treasury Department secretary Ken Henry. The tax was one of a series of measures detailed in that report, the others being cuts in the corporate tax rate, a hike in the rate applying to compulsory superannuation and a boost to infrastructure spending.

With the potential to raise US$12 billion for the government in its first two years, the resource tax was intended to replace a series of royalties based on production.

Mining companies have warned to either leave Australia or lessen their investment here, and have launched an aggressive media blitz that has been counterbalanced by the federal government.

The government's tax campaign ended after Ms. Gillard was named prime minister and requested the mining industry to do likewise. She also suggested that the government was open for negotiations.

Mr Swan, who is also Australia's treasurer, supported that approach in Toronto saying, "We are not going to have megaphone diplomacy in the media. It's a genuine offer."