Australian Prime Minister Calls Election for Sept. 7
The tax is due to be replaced in 2015 by an emissions trading scheme, in which the cost of emitting a metric ton of carbon would be determined by buyers and sellers in a carbon market.
Rudd has pledged to bring forward the emission trading scheme linked to the European market by a year to July 2014, reducing the cost to Australians of emitting a metric ton of carbon dioxide from AU$25.40 to an estimated AU$6.
The 30 percent mining tax on the profits of iron ore and coal miners was designed to cash in on burgeoning profits from a mineral boom fueled by Chinese industrial demand. But the boom was cooling before the tax took effect, with prices for iron ore and coal peaking in 2011. The tax was initially forecast to earn the government AU$3 billion in its first year, but collected only AU$126 million after six months.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV