THE federal opposition has labelled as "appalling stuff" Treasurer Wayne Swan's attack on rich miners.

Opposition finance spokesman Joe Hockey believes the mining magnates have every right to defend themselves and their reputations.



Mr Swan used an article in The Monthly magazine to attack mining entrepreneurs Clive Palmer, Gina Rinehart and Andrew Forrest.



He said the presence of vested interests had been obvious in "ferocious and highly misleading" campaigns waged against the federal Labor government's mining tax and pricing carbon plans.



Mr Hockey condemned Mr Swan's "use of envy" in making his arguments.



"He's trying to court favour with the great bulk of Australians by attacking rich people," he said on ABC radio today.



"It's appalling stuff."



Mr Forrest's company Fortescue Metals Group has taken out advertisements in major newspapers on Monday to defend itself.



"Andrew (Forrest) epitomises the spirit of what an Australian can do if given a `fair go'," Fortescue deputy chair Herb Elliott says in the ads.



"For a politician to suggest that he has lost sight of this `fair go' ethic is baffling to those of us who know him best."



Mr Elliott said Fortescue will pay more than $1 billion in taxes and royalties this year and about double that next year.



And he attacked the government's new carbon and mining taxes, saying the legislation was "confusing and difficult to interpret" and it was hard to assess their impact.



Mr Palmer also has come out swinging, calling Mr Swan an "intellectual pygmy" in an opinion piece on Fairfax websites.



He said he forgave Mr Swan for his mistakes.



"It would be far better for the treasurer to face the truth that he personally doesn't know how the economy works, that he is just a puppet of the faceless men who give directions on what to do and say," Mr Palmer wrote.



"As an elected national leader, the treasurer needs to examine who he is, who he really represents, and what is in the best interest of all Australians."



Mr Palmer described last week's leadership ballot as being "between the two robots" and said the return of Prime Minister Julia Gillard was a clear demonstration of Labor's "contempt for the views and wishes of the people".



Incoming foreign minister Bob Carr thought Mr Swan's arguments were "a marvellous contribution to the debate on this country's future".



"I think as Australians look at this resources boom they're entitled to say they want a fairer share,'' he told ABC radio.



"They want to see an investment in Australia beyond the resources boom."



Mr Swan is due to address the National Press Club later today.