Good morning,

This morning's dramatic changes made by the government to the RSPT is a huge win for Australia's biggest industry and should go a long way to easing the markets concerns. The fact that new the PM was willing to sit down with the industry's leaders and thrash out a new deal is positive and acknowledges the importance of a strong mining sector for Australia.

This new tax will remove a lot of uncertainty which has clouded the market for some time. It has the potential to spark renewed offshore interest in Australia's mining and energy assets again, with fresh capital inflows likely to be seen.

The new minerals resource rent tax will only cover coal and iron ore, meaning we're likely to see a wholesale re-rating of pure play miners that focus on nickel, copper, gold, zinc, uranium and aluminium.

While this is obviously a big win for the nations miners, the big question is where this leaves the Labour Government from an election perspective. With the coalition proposed no new tax at all, will today's concessions be enough to get Labour over the line?