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.
Federal Treasurer Wayne Swan cautioned the tourism industry on Tuesday that the sector is in danger of suffering anew from the effects of a two-speed economy if the Labour’s proposed tax measures are not implemented.
Nationals MP Vince Catania said today that the royalty rates increase for both BHP Billiton and Rio Tinto should bolster the Royalties for Regions program, in reaction to Premier Colin Barnett’s announcement yesterday that royalty fees would be increased from 3.75 percent to 5.6 percent starting July.
Japan announced on Tuesday that it is upgrading its economic growth forecast to 2.6 percent for the year leading to March 2011, coming from an earlier projection of 1.4 percent and enabling the troubled nation to achieve a gross domestic product (GDP) growth beyond the two percent mark.
China’s central bank has indicated over the weekend that the yuan would be more flexible in the coming days, though it gave clarification that significant changes should not be expected and at the last check, the Chinese currency still stands at about 6.8 against the US dollar.
Finance Minister Lindsay Tanner informed the parliament on Monday that the billion-dollar deal between the federal government and Telstra would directly benefit the telco’s shareholders.
Australia and China inked new trade deals amounting to $10 billion that would cover mostly the resources and energy sector with some provisions for telecommunications, training and a quarantine protocol in exporting Tasmanian apples to China.
Taxi fare increase will soon hit Canberra starting next month.
The World Bank said in its report released on Friday that China is indicating symptoms of moderating growth following a solid recovery last year, largely fuelled by stimulus programs though it noted that the country’s economy has remained strong, propped up by real estate investment and stronger export demand.
The Council of Social Services in Tasmania voiced out concerns today that residents of the state could be hit by spikes in the price of electricity as the state government announced changes in the power industry which includes permission for Aurora Energy to recover its operating costs.
Prime Minister Kevin Rudd said today that he will not sit down with the mining industry just because of the election as he discounted the possibility of an early voting in light of the government’s plummeting popularity because of the proposed mining tax.
Representatives of the mining sector said the mine safety regulator is “dysfunctional” and urged the government for an investigation on the mine safety regulations in West Australia.
The Kimberley Land Council (KLC) has threatened legal suits against Foxtel, National Indigenous Television and Goolari TV for airing last week Julie Nimmo’s film, ‘Divided by Gas’, alleging that it carries defamatory statements from former High Court Judge Murray Wilcox.
ASIC has permanently banned Mr Steven James Ker of Palmyra, Western Australia from providing financial services.
Federal Reserve Chief Ben Bernanke said on Wednesday in a speech in New York that financial regulators must prioritise market stability as he warned that failure of interwoven financial companies could dislocate the financial system and the economy as a whole.
Treasurer Wayne Swan said that Australia's economic expansion was not based on luck but because of the government's efforts and its “foresight to do what was right.”
A loose alliance of three of the world's biggest mining companies on Thursday launched a renewed offensive against the Rudd government's plan to force a 40 percent tax on resource profits.
Tax Commissioner Michael D'Ascenzo has warned the staff of the Australian Taxation Office through an email that providing details to an independent inquiry is also considered a breach of law.
Federal Treasurer Wayne Swan told business executives gathered in Canberra on Wednesday that Australia’s continued economic expansion can never be attributed to sheer luck but on its government’s foresight and political will to do what is right for the sake of the national interest.
