POLITICS & POLICY

Carbon tax to cripple Australian coal industry, economy

The proposed carbon tax will cripple Australia’s coal industry forcing jobs offshore and closing many existing coal mines according to free market think tank the Institute of Public Affairs. Coal, used to generate electricity or manufacture steel, is a barometer for the economy.

Business confidence slips further--NAB survey

For a third straight month, business owners in Australia have been down by pessimism as the Australian dollar reached new highs, an indicative report by the National Australia Bank (NAB) said.
More news

New big tremors hit Christchurch, NZ

Barely recovering from the devastating earthquakes in February, Christchurch City in New Zealand has again encountered consecutive earthquakes today measuring magnitude 6 and 5.5.

Experts: U.S. nuclear industry in bigger growth slump

Even as Germany, Japan, Switzerland and other nations move to abandon existing and planned nuclear reactors, the United States is on a path to see at best only a small handful of already planned, government-backed reactor projects proceed, a group of experts said today.

Affected cattle industry farmers to tap $5-M contringency fund

The Australian livestock industry may get a reprieve from the financial debacle posed by the six-month-cattle ban to Indonesia by tapping into the $5-million contingency fund of the Meat and Livestock Australia (MLA), said Agriculture Minister Joe Ludwig.

State Government wants synthetic cannabis banned

Geelong tobacconists and sex shops are raking in the profits for synthetic cannabis but the State Government is looking to rain on their parade. The synthetic drug which is potentially 10 times stronger than regular cannabis is legal but the State Government wants the drug banned.

South African challenges France's Lagarde for IMF post

A new challenger for the top post of the influential International Monetary Fund has come in the person of South African former Finance Minister Trevor Manuel was reported to be challenging France's Christine Lagarde for the top post in the International Monetary Fund (IMF), reports said.

No stopping carbon tax; Opposition tries other tactic

There is now no stopping the Australian government from implementing the economy-wide carbon tax that aims to lower greenhouse emissions. The Gillard administration even got the support of independent MP Tony Windsor after the Productivity Commission report.

Gov't decides to investigate MTAA Super Fund

Government authorities have decided to get involved in the investigation of some alleged misgivings of the MTAA Superannuation Fund management that can result to millions of losses for Australians investing their hard-earned incomes.

Central bank considers tightening measures on credit card fees

The Reserve Bank of Australia mulls over capping hefty credit card fees amid claims that consumers are being gouged for excessive charges. The central bank has launched a review of credit card surcharging, highlighting concerns that some establishments are using fees as a means of increasing profits, instead of covering the cost of the transaction

Carbon tax triggers higher electricity, petrol prices

Australia needs to brace for higher electricity rates and transport costs as soon as the government implements the carbon tax. This is one of the key results of the independent study made by the designated independent team the Productivity Commission.

Australia Parliament justifies carbon tax

Treasurer Wayne Swan is set to release today the Productivity Commission's report on international climate regimes at noon in Brisbane. Mr Swan will try to justify to opposing industry that seven of Australia's top-10 trading partners have adopted major policies to reduce pollution. The coal and gas industries have continue to oppose the carbon tax legislation further arguing the report should look at the measures taken by Australia's competitors.

Australian consumers spend, invest conservatively

The Reserve Bank's decision to hold off plans for an upward rate adjustment in the past few months had impact well on Australia's consumers, who are now more spend-thrifts and conscious on what to spend on.

New Space Station crew for Soyuz

NASA astronaut Mike Fossum, Russian cosmonaut Sergei Volkov and Japanese astronaut Satoshi Furukawa launched to the International Space Station at 3:12 p.m. CDT Tuesday (2:12 a.m. local time, Wednesday) from the Baikonur Cosmodrome in Kazakhstan.

Scientists confident to ending AIDS epidemic

An international coalition of scientists and activists launches a common platform for ending the AIDS epidemic. Thirty years into the epidemic, as world leaders come together at the United Nations to recommit to a global AIDS response, the broad-based international coalition issued a statement calling for world leaders to support a rational, evidence-based approach to responding to AIDS. The group also calls for additional signatories to the declaration.

Americans cut back on oil products, services

With Memorial Day comes various events that signify the start of summer. These range from the first cook-out to opening the swimming pool to planning summer vacations. It also means the beginning of the summer driving season and higher gas prices are having an impact. Half of Americans who own a vehicle (51%) say they have cut back on products and/or services in order to pay the increased price of gasoline. As might be expected, those with lower household income are more impacted.

Swan: Carbon tax likely to include fuel and transport

Acknowledging the uncertain movement of global fuel prices, Federal Treasurer Wayne Swan said on Tuesday that government remains undecided on the inclusion of the petrol and transport industries to the planned carbon pricing.

Australia bans live cattle trade to Indonesia

The Federal Government has suspended Australia's live cattle trade to Indonesia effective immediately for up to six months after a nationwide outpouring of rage at the airing of footage showing cattle being brutalised and tortured on ABC’s Four Corners.

Weak trading besets markets

Weak trading sessions in the US and European markets will likely rebound in local trading on Tuesday. Investors at the Australian Stock market would likely be on the sidelines as there would be some reluctance ahead of the RBA interest rate pronouncement at 2:30PM AEST.

RBA keeps rates unchanged at 4.75%

Australia's Reserve Bank has maintained its benchmark interest rate for a sixth straight meeting as signs of slower domestic economic expansion dims with the slowdown in the U.S. and China.

Gas wells audit detects leaks; CSG facilities claimed safe

A recent audit conducted by the Petroleum and Gas Inspectorate on some 2719 wells across Australia revealed generally positive results, with a number of facilities yielding some leakages though not reaching the flammable levels as assured by the agency’s inspectors.

Asia-Pacific markets post bearish gains

Markets in the Asia-Pacific region have remained quiet at the end of Monday's trading as public holidays in China, Hong Kong, and South Korea have kept only Tokyo's Nikkei and Australia's S&P 500 working until the afternoon.

Carbon tax divides Australia

The Australian government's plans to implement a carbon tax is facing strict opposition from the states with voters labeling Prime Minister Julia Gillard's move a betrayal of her pre-election promise not to implement such a law.

Fewer job placements in May

Australia has generated fewer jobs in May, according to a survey made by the ANZ Bank, which was reflected in lower job placements posted online or on newspapers.

Consumer price hikes slowed in May

Australia's consumer prices slowed down in May that may prompt the Reserve Bank of Australia to keep benchmark interest rates steady at tomorrow's meeting.

FBI site hacked; NATO challenged

he same group, "LulzSec," that attacked Sony Corp's film site also went to destroy an FBI-affiliated Web site in Atlanta in retribution to the NATO alliance's "act of war" against hackers.

Pages