Coal Miners Laud Election of New Australian Prime Minister

Platts reported that over the weekend, Tony Abbott was elected as prime minister of Australia. He has promised to do away with the carbon tax on fugitive greenhouse gas emissions from coal mines, as well as Minerals Resource Rent Tax on coal and iron ore mining profits.

As quoted in the market news:

‘On the first sitting day of Parliament under a coalition government, I will introduce legislation to repeal the Carbon Tax,’ Abbott said on the Liberal party’s website that included policy documentation stating the party would also rescind the MRRT.

Minerals Council of Australia CEO Mitchell Hooke said in a statement Sunday that abolishing the twin taxes would be a ‘positive first step,’ as Australia’s market competitors did not face the taxes.

‘The carbon tax has 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.

Click here to read the full Platts report.