Subscribe free to our newsletters via your
. Energy News .

Australia's new government a boost to mining industry?
by Staff Writers
Sydney (UPI) Sep 9, 2013

disclaimer: image is for illustration purposes only

Resource sector leaders in Australia applauded the election Saturday of Tony Abbott as the country's new prime minister.

Outgoing Prime Minister Kevin Rudd and his Australian Labor party lost Saturday's Australian general election to the Liberal National coalition by a wide margin.

"On the first sitting day of Parliament under a coalition government, I will introduce legislation to repeal the Carbon Tax," Abbott stated on the Liberal party's website, adding that the party would also rescind the country's Minerals Resource Rent Tax.

Both taxes went into effect in July 2012, under then-Prime Minister Julia Gillard's Labor government.

The 30 percent Mineral Resource Rent Tax, or MRRT, applies to profits of more than $67 million for iron ore and coal projects.

Under the carbon tax system, the country's top 500 polluters are charged $22 for each ton of carbon emitted into the atmosphere and it would have increased to about $23.40 next year. Australia is the world's highest per-capita carbon emitter among developed nations.

Rudd had announced in July that the government would drop the carbon tax and replace it with an emissions trading scheme beginning next July, a year sooner than had been planned.

Mitchell Hooke, chief executive of the Minerals Council of Australia, in a statement Sunday said that abolishing the carbon tax and the MRRT "will be a positive first step in an industry where our international competitors face no such comparable imposts."

Hooke noted that even before the introduction of the MRRT and carbon tax, Australia's minerals industry has paid an average effective tax rate in excess of 40 percent over the past decade. The carbon tax, he said, had been "a dead-weight on the economy" that has failed to achieve its environmental objective "while adding massive new costs on the minerals sector."

Hooke said the sector "looks forward to the coalition government refiring the engines of economic reform in Australia."

Repeal of the MRRT, Hooke said, would boost industry confidence and also "send a powerful signal that Australia is not about to relinquish its position as a premier destination for investment and a cost-competitive global supplier of minerals resources."

Australia is the world's fourth largest producer of coal.

"After ticking all the minerals and energy policy boxes during the election campaign, the newly elected Abbott government could look forward to strong support from the Queensland resources sector in implementing its agenda," Michael Roche, chief executive of the Queensland Resources Council, the representative body for coal mining companies in the Australian state, said in a statement Sunday.


Related Links
Global Trade News

Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks DiggDigg RedditReddit GoogleGoogle

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Romania PM backs down on controversial gold mine project
Bucharest (AFP) Sept 09, 2013
Romanian Prime Minister Victor Ponta on Monday gave in to mounting street protests against a planned Canadian gold mine, admitting that a bill aimed at speeding up the project would fail in parliament. A negative vote will not necessarily torpedo the mine project, which could still obtain a permit from the environment ministry through a lengthier procedure. Ponta's acknowledgement came a ... read more

Time for Investors to Hunker Down

NREL Study Suggests Cost Gap for Western Renewables Could Narrow by 2025

Berlin Senate opposes municipalization of city power grid

Non-Hydro Renewables Triple Output in a Decade

Researchers find new opportunites for waste heat

Poland anchors energy strategy in coal, shale gas: PM

Philippines mulls removing 'Chinese' blocks at shoal

Shell opens compensation talks over massive Nigeria oil spill

No evidence of residential property value impacts near US wind turbines

French court rejects planned wind farm near Mont Saint Michel

China to Remain Wind Power Market Leader in 2020

Localized wind power blowing more near homes, farms and factories

Hydrogen Fuel From Sunlight

New Connection between Stacked Solar Cells Can Handle Energy of 70,000 Suns

Cheaper Chinese solar panels are not due to low-cost labor

Solis Partners Urges N.J. Commercial Property Owners to Apply Now for PSE and G's Solar Loan III Program

Merkel faces election scrap over German energy shift

Taiwan nuclear power plant progresses amid resistance

Charges dropped against Japan's ex-PM, TEPCO over Fukushima

AREVA completes first major component decontamination in France

Professor and student develop device to detect biodiesel contamination

More efficient production of biofuels from waste with the help of modified yeasts

European Parliament backs switch in biofuels

Blue-green algae a 5-tool player in converting waste to fuel

China civilian technology satellites put into use

China to launch lunar lander by end of year: media

China launches three experimental satellites

Medical quarantine over for Shenzhou-10 astronauts

Insight into marine life's ability to adapt to climate change

Climate at five minutes to midnight: IPCC head

Clock ticking on 2015 climate talks deal: EU commissioner

The potential for successful climate predictions

The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement