Successive governments have failed to effectively tax Australia’s mining boom, with measures such as the controversial minerals resource rent tax providing little revenue, according to an analysis by ANZ economists.

And while the ANZ paper predicts a boom in mineral production – with Australia set to become the world’s leading exporter of liquefied natural gas – it also tips a sharp fall in mining investment, with substantial job losses.

As production ramps up the ANZ economists argue Australia is now entering ''phase three'' of the mining boom. This follows phase one (surging commodity prices) and phase two, characterised by booming mining investment.

''Despite expectations to the contrary, [resource rent taxes] have not been an important source of revenue during phase one and phase two of the mining boom and, therefore, will not be a large source of volatility in the coming phase,'' the ANZ paper said. ''The MRRT only raised $200 million [or 5 per cent of the amount originally estimated] in 2012-13 and is estimated to raise just $100 million in net terms in 2013-14. The current government is attempting to remove the MRRT altogether.''

The petroleum resource rent tax, introduced in 1988, is forecast to raise just $2 billion. The Commonwealth’s total revenue base is $380 billion.