In its Better Economy Better Budget Better Future policy document, the ALP states it will apply and adopt global principles and policies on multinational tax and address the use of tax havens to avoid tax obligations to help repair the budget.

One of the key planks of this policy is limiting debt-related deductions by multinationals at 30% of profits, consistent with the Organisation for Economic Cooperation and Development's recommended approach.

"Australians have been paying more tax and losing out on funds that should be available for vital services like Medicare, aged care and child care while multinationals have been using tax havens and tax avoidance schemes to avoid paying tax in Australia," the document states.

Australian Taxpayers' Alliance president Brian Marlow said this was a hidden mining tax being secretly pushed through as part of Labor's 2022 election commitments, labelling it a "dishonest and egregious attack on jobs and the economy".

"Buried deep within Labor's policy documents is a hidden mining tax they're trying to sneak past voters," he said.

"In a time when Aussies are struggling, Albanese's big new tax will stop investment in rural and regional Australia, destroy jobs and make your power bills hit record highs."

Australian Tax Institute tax policy and technical director Andrew Mills told Australia's Mining Monthly: "I would just point to the fact that the OECD has recognised that there can be an impact on foreign investment."

Atlas Chartered Accountant director Samuel Lee told AMM that the measures would increase the cost of compliance and ultimately not deliver the expected returns to the treasury.

"The treasury can make a small change and they don't realise that there will be down the chain reactions to that one change," he said.

"If the government limits the interest that they [resources companies] can claim as a deduction then the chances are they are less likely to explore for new reserves of oil as well as gold and silver and copper.

"There could also be instances where they would still invest in Australia but they would find other things to offset than the interest deductions."

RMIT Institution Economics professor Sinclair Davidson said the ALP wanted to impose a limit on interest rate deductions - apparently in line with OECD recommendations.

"Ordinary voters might believe this stealth tax is world's best practice," he said.

"They might be further lulled into complacency by recalling that Mathias Cormann is secretary-general of the OECD.

"However, a 2017 parliamentary inquiry into tax deductibility concluded that Australian tax administration was robust.

"In a submission, even the ATO [Australian Taxation Office] felt no need to change existing practices and rules. What the inquiry made crystal clear was that Labor's policy would make Australia a less attractive destination for investment, costing jobs and economic activity."

Marlow said the ATA would put every resource into "stopping this stealth tax".

"Our organisation stopped Labor's carbon tax in the past and we'll do everything in our power to stop this mining tax too. Aussie jobs, Aussie families and our economy are at stake," he said.

"We're throwing everything we have at this. It's time to expose Labor's dodgy job destroying policies once and for all."

AMM contacted the Minerals Council of Australia and the Association of Mining and Exploration Companies for comment.