POLITICS & POLICY

Water distributors have announced a 10.7 per cent water price hike on south east Queensland communities yesterday.

Federal Labor MP Bill Shorten said forcing out Kevin Rudd as prime minister last week was the hardest decision he made in his political career. He was among a group of leaders who asked Julia Gillard to contest Mr Rudd as Labor head.

New prime minister Julia Gillard is rushing to meet a Friday deadline to conclude the damaging debate over the resource super-profits tax.

New prime minister Julia Gillard might consider an early election after the government received a solid lift in the polls, which was largely a result of the ousting of Kevin Rudd.

Premier Colin Barnett is pushing for a big surge in electricity charges in his campaign to bring utility prices in line with their production costs even as he convinced Rio Tinto and BHP Billiton to pay higher royalty rates that would further boost the coffers of Western Australia.

Australia's immigration will slacken under the new leadership, New Prime Minister Julia Gillard signalled yesterday, amid rising concerns on the nation's swelling population.

Prime Minister Julia Gillard did not include her predecessor Kevin Rudd in her new Cabinet. She said in a news conference that she would be ''absolutely delighted'' to see him serve as a senior minister if the government is re-elected.

Opposition finance spokesman Andrew Robb said today that the federal government would have to issue an emergency mini-budget if it plans to re-study the proposed mining tax as he scored Treasurer Wayne Swan’s claim that reconsidering the tax measure would not impact the national budget.

Starting Thursday this week, the Australian Securities and Investments Commission (ASIC) will be granted the authority to void skyrocketing home loan exit charges that are not directly related to expenses banks actually shouldered in closing accounts, a clear benefit for consumers and home owners.

Australian Greens head Bob Brown reaped praises Friday from outgoing Finance Minister Lindsay Tanner even as his party sets eye on the Melbourne seat, long held by the Labour Party since 1904, which would be vacated by Mr Tanner following his decision on Thursday to quit politics.

With the sudden change in leadership, Australia's representative to the G20 meeting this weekend is Deputy Prime Minister Wayne Swan.

International mining firm Rio Tinto is cautiously encouraged by the invitation sent by new Australian Prime Minister Julia Gillard for the industry to begin full and open engagement on all aspects of tax reform.

Mining stocks improved amid hopes that new Prime Minister Julia Gillard will have a more favourable tax regime than the proposed resource super-profits tax.

Leading gas producer Santos welcomed comments by Julia Gillard about RSPT negotiations, while Queensland mining billionaire Clive Palmer called on the new prime minister to formally abandon the controversial proposal.

Finance Minister Lindsay Tanner informed the parliament today that he is set to forego the next federal election as he clarified that his decision was not based on the recent events that saw the ousting of Kevin Rudd as prime minister.

A modernised bankruptcy law is now in the offing as the Senate passed a legislation today that reduces to $5000 the minimum amount required for a creditor to file a petition for insolvency.

The Minerals Council of Australia is pulling out advertisements against government plans for a new levy on mining after new Prime Minister Julia Gillard pledged to open the door to the industry for consultation.

Mining magnate Clive Palmer called on new Prime Minister Julia Gillard to junk the much-debated resources super profits tax as he revealed that a fierce campaign by the mining industry against the proposed tax had ensured Kevin Rudd’s eventual downfall.

AGL Energy Ltd., the leading power distributor in Australia, intends to hasten the $700 million (A$800 million) wind farm at Macarthur after the Senate passed law revisions that impel investment on renewable energy.

New Prime Minister Julia Gillard has promised to cancel the government's $38 million counter-campaign against the mining sector's anti-tax ads in return for co-operation in negotiations from the industry.

Community group United Care has joined forces with the Independent Senator in urging the Federal Government to act on gambling issues following the release of the Productivity Commission report.

Beach Energy Limited has been given a go-signal to explore the Great Rift Valley in Tanzania for oil after it successfully sealed a contract with the African nation's government.

A member of the Australian business community is not too surprised at the turn of events this morning with Prime Minister Kevin Rudd’s resignation and Deputy Prime Minister Julia Gillard taking over the rest of his tenure.

A senior official of the International Monetary Fund has questioned the claims of the mining industry on the implications of the Federal Government's proposed super profits tax.

An analyst from the TD Securities said miners were optimistic today, while trading and a new prime minister would mean that there will be changes and revisions in policy with regards to the proposed mining tax.

Positively reacting to the removal of Prime Minister Kevin Rudd, share prices of the country’s resources industry shot up as investors start projections of a tempered mining tax in the coming days.

Australians are bound to have their first woman Prime Minister as members of the Labour Party chose to back up Deputy Prime Minister Julia Gillard to replace Kevin Rudd.

The International Monetary Fund (IMF) is throwing its support behind the federal government’s proposed mining tax as its deputy head for tax policy Philip Daniel declared in a Sydney conference today that the measure is a worthwhile reform for the Australian economy.

Wildlife rescuers from South Australia and New South Wales were kept from helping out in the ongoing clean-up drive of the massive oil spill in the Gulf of Mexico as the Australian Marine Wildlife Research and Rescue Organisation lamented that strict regulations being implemented on the site prevented its team from participating in animal rescue efforts.