TREASURER Wayne Swan has seized on BHP Billiton's whopping $10.51 billion in profit today, saying it showed why Australia needed a tax on resource company profits.

Despite crying poor last year when opposing the Federal Government's planned mining tax, BHP saw its profits leap 71.5 per cent in the second half of 2010.

Mr Swan said the result reflected the strength of the sector and its ability to pay the revised Minerals Resource Rent Tax, The Australian reports.

"That's why we fought really hard for a resource rent tax," Mr Swan said.

"It's pretty clear that we were not going to get the original proposal through, it was very clear that we needed to design a tax with different features - which raise less tax.

"But what we will see in the future of the resource industry is that it is very strong.''

The results following revelations that the Federal Government lost more than $60 billion in revenue after it capitulated on its mining tax plans in the face of fierce opposition by the mining industry.

If BHP can keep its profit at the same level for the rest of the year, it will have recorded one of the world's highest profits for a public company.

Last year, oil company Exxon Mobil made a $US19.2 billion profit but this was for the whole year.

The company said the profit was due to surging commodity prices.

To put the profit in perspective, $10.51 billion would buy you 2,416,091,094 Big Macs, or pay the Government's flood levy tax almost six times over.

Another way of looking at the profit is to take into account that the damage bill from the Queensland floods is expected to exceed $5 billion, while the bill for Cyclone Yasi will be about $800 million.

Threat to Australia

Last May BHP Billiton Chief Executive Officer Marius Kloppers said that all Australians would suffer if the mining tax went ahead.

"The stability and competitiveness of the tax system have been central to the investment in resources in Australia," Mr Kloppers said.

"If implemented, these proposals seriously threaten Australia's competitiveness, jeopardise future investments and will adversely impact the future wealth and standard of living of all Australians."

The Sydney Morning Herald today reported that the mining tax overhaul meants that the Federal Government would take a forecast revenue hit of $60 billion over a decade,

The Treasury has released figures showing the original resources super profits tax would have made almost $100 billion in revenue between 2012-13 and 2020-21, but the revised minerals resources rent tax is forecast to earn $38.5 billion during that decade.

Prime Minister Julia Gillard today refused to make any changes to Labor's planned mining tax.

The Australian Greens, whose votes Labor will need to pass the tax, are demanding the original 40 per cent super profits tax be reinstated.

Ms Gillard negotiated a 30 per cent version of the tax - the minerals resource rent tax (MRRT) - with the nation's three biggest mining companies before the August election.

"We will not be compromising that agreement to secure the legislation," she told reporters in Wellington during a visit to New Zealand today.BHP says it is launching an expanded $US10 billion capital management program and will buy back $US22.6 billion worth of shares, or 15 per cent of issued capital.

The company says it is "cautiously optimistic on the short term outlook for the global economy, given the continuation of robust growth in emerging markets and further positive signs of a sustainable recovery in major developed economies such as the United States.

"While we expect a slowdown in the growth rate of global commodity demand in calendar year 2011, the economic environment still underpins a robust near term outlook for our products," BHP said in a statement.

BHP declared an interim dividend of 46 US cents per share, fully franked, up from 42 cents, fully franked, in the prior corresponding period.

- With AAP and The Australian