Latest news with #MadeleineKing
West Australian
4 days ago
- Business
- West Australian
CCIWA moves to end talk of new resource taxes as Treasurer Jim Chalmers assembles economic roundtable
WA's peak business lobby has warned the engine room of the nation's economy could be pushed 'further over the edge' if Jim Chalmers' economic roundtable proposes higher taxes for the mining and energy sectors. The Treasurer will convene a meeting of industry experts, business leaders, unions and policymakers for talks at a national economic summit in Canberra next month aimed at jump-starting Australia's dire levels of productivity. But representatives from some of the nation's biggest resource companies have been locked out of the three-day meeting. They instead met with Resources Minister Madeleine King late last week as part of a round of consultations among stakeholders ahead of the summit. The Chamber of Commerce and Industry WA on Sunday sought to fend off contentious proposals for a tax on the export of fossil fuels that could potentially raise $50 billion. Former treasury secretary Ken Henry — now chair of the Australian Climate and Biodiversity Foundation who has been invited to Dr Chalmers' roundtable — has renewed calls for a carbon tax, lashing former governments for dropping the tax. 'It still boggles the mind that we had the world's best carbon policy and then, for purely political reasons, decided that we can afford to do without it,' he told the National Press Club last week. Dr Henry, who authored the Henry Tax Review in 2010 to guide tax reforms over the next 10 to 20 years, also said there needed to be more 'spending discipline'. Resources companies, which account for the lion's share of national exports, fear they could become targets at the summit to offset tax cuts in other areas that will help attract investment, boost productivity and deliver reforms that could reshape Australia's reliance on income taxes. CCIWA acting chief executive Aaron Morey said Australia's global competitiveness was already being eroded daily as companies shift investment to more favourable jurisdictions overseas. Mr Morey said the lobby was concerned by proposals to target miners, who he said have paid $395 billion in taxes and royalties to governments over the past decade. 'Increasing the tax burden would take an already high-cost, high-risk investment environment and push it further over the edge,' he said. 'Industrial relations changes have increased costs and complexity. Approvals processes are gummed up in ever-growing bureaucracy. 'Energy is no longer a source of competitive advantage. And businesses in Australia face one of the highest overall tax burdens in the developed world. 'Mining supports thousands of regional jobs, underpins our export earnings and generation of wealth, and delivers the investment that lifts productivity and wages across the broader economy. 'Instead of higher taxes, the upcoming economic roundtable should be focused on repairing our global competitiveness.' Attorney-General Michelle Rowland on Sunday moved to head off a revolt from miners, saying the Government was 'not looking' at possible new taxes on the sector. While the heads of the likes of BHP and Fortescue were not invited to Dr Chalmers' summit, former WA treasurer Ben Wyatt — who now sits on the boards of Rio Tinto and Woodside Energy — was on Friday named among the 24 delegates. Dr Chalmers said the talks would focus on resilience, productivity and budget sustainability. 'It's an outstanding group of people who we believe will make a big contribution to the future direction of economic reform,' he said. 'While we can't invite representatives from every industry or organisation, everyone has the chance to have their say in this process with online submissions still open.'
Sky News AU
14-07-2025
- Business
- Sky News AU
Gladstone hydrogen project axed: Chris Bowen's green energy fantasy continues slow sink into the abyss as $12.5 billion plant gets reality check
The energy policy debate in Australia is becoming increasingly difficult to watch. Partly because we're witnessing the political class cheerfully drive our economy into the ground and our living standards off a cliff, and partly because the narrative has become so absurd it's hard to keep a straight face. I firmly believe Australia needs cheap reliable power, and to the extent we can reduce emissions without imperilling our living standards and economy, we should absolutely do so. But the 'lowering emissions' cart must be firmly behind the 'living standards' horse. Our energy mix should – and will - vary across the country depending on available energy sources; that's why we need to be agnostic about source but laser-focussed on affordability. The recent politicisation of energy policy has flipped those two priorities. Retail cost concerns are being papered over by doling out electricity rebates. In fact, in recent years, the taxpayer has subsidised energy infrastructure projects, wholesale prices and retail prices. Quite literally, you couldn't stuff it up more if you tried. In 2022, Resources Minister Madeleine King warned that making gas too cheap would divert investment from renewables. A year later, Climate Change and Energy Minister Chris Bowen declared that those advocating for a gas-fired recovery were 'lying', insisting Labor was on a 'rapid path to renewable energy'. And to help achieve that, Queensland forests are being bulldozed for wind farms in the name of saving the planet - an irony beyond parody. Labor has since realised that the nation will grind to a halt without gas, and their policy U-turn has been as shameless as it was swift. But my favourite part of the renewables fanaticism is the cult of green hydrogen; a modern-day pursuit of alchemy funded by the taxpayer. Last week, the $12.5 billion Gladstone hydrogen project bit the dust, slain in broad daylight by the laws of thermodynamics and the stark reality of the cold hard numbers. It's a fabulous opportunity to reflect on one of the most lavishly funded, science-free boondoggles in Australian political history. An estimated $117 million of federal, state and private funding spent on a feasibility study. All that money – so much of it torched on consultant fees and a fancy driveway. And why did it fail? Because the science and economics just didn't stack up, no matter how fervently its adherents believed in the ideal. Ironically, the same crowd that whimsically dismissed nuclear power – a proven, emissions free source in use or in the pipeline for 19 of the G-20 countries – championed green hydrogen. The Gladstone is just one of many examples of hydrogen projects not quite panning out despite being slathered in subsidies. In 2023, ATCO scrapped its green hydrogen projects after soaking up over $103 million in grants. Earlier this year, Trafigura abandoned its South Australian project after burning through $2.5 million in state government subsidies. In October 2024, Orica and Origin Energy pulled the plug on their Hunter Valley Hydrogen Hub despite being shortlisted for $2 billion in federal funding. And if that wasn't shameful enough, in March this year, the Australian reported that 99 per cent of the announced hydrogen capacity hadn't progressed beyond concept stage. You'd think that would dampen enthusiasm. But no – earlier this month, Mr Bowen pledged $432 million to revive the Hunter Valley Hydrogen Hub promising 'long-term, high-quality jobs for the region, while decarbonising industries that are vital to our economy'. If the project wasn't viable nine months ago, what could possibly have changed? It feels like the intersection of energy policy and 'Weekend at Bernie's'. A year ago, the Centre of Independent Studies published a report which found that over the past decade the Federal Government had handed out more than $29 billion in subsidies to the renewables sector. While some of that money may have been worthwhile, the sheer number of projects that never made it past pre-feasibility suggest either the government is hopeless at picking winners or is easily duped by anyone in a Panama hat spruiking a monorail. Last week, energy expert, Aiden Morrison, pertinently noted in a Post on X: ''Private investors' in offshore wind weren't idiots who failed to notice that it doesn't stack up.' Instead he said they were 'smart guys who will happily get paid to polish a turd they can walk away from'. Taxpayers lose and the grifters win. Meanwhile, everyday Australians are unable to pay their electricity bills, and our manufacturing sector continues to shrink due to unreliable, unaffordable power. Also last week, David Marriner, the CEO of Boyer Paper Mill – the last paper mill in Australia - warned it may close, costing 340 jobs due to power shortages. We can't even produce enough energy to make paper, and this federal Labor government wants Australia to be a renewable energy superpower! Laughable. When will our political class reacquaint itself with reality and return to an energy policy grounded in the fundamentals of a strong Australian future – one that prioritises for Australians above all else? Caroline Di Russo is a lawyer with 15 years of experience specialising in commercial litigation and corporate insolvency and since February 2023 has been the Liberal Party President in Western Australia
The Australian
01-07-2025
- Business
- The Australian
Politics news: Albanese to meet Trump ‘in coming months'; Penny Wong meets Rudd
Penny Wong has landed in Washington DC for the Quad foreign ministers meeting, as Anthony Albanese says he's not embarrassed by his failure to secure an early meeting with the US President. Welcome to The Australian's rolling coverage of news from Canberra and around the country. Technology CyberCX executive director Katherine Mansted says small to medium enterprises are most at risk from 'hackitivists'. Politics Resources Minister Madeleine King denies a union and local business claim that Australia is breaking an international treaty by sending the oil platform to Denmark for decommissioning.
Business Times
29-06-2025
- Business
- Business Times
Australia cuts commodity export outlook despite gold price gain
[MELBOURNE] Australia cut its forecast earnings from commodity exports, as a meteoric rise in gold prices fails to offset weakness in iron ore and natural gas. Total resource and energy export earnings fell about 7 per cent to an estimated A$385 billion (S$321 billion) in the 12 months to June, the Department of Industry, Science and Resources said in a quarterly report released on Monday (Jun 30). Income is set to fall further in the next two years because of rising trade barriers, weaker global economic growth and declining prices, it said. Iron ore continues to be Australia's biggest income earner, at about 30 per cent of the total. While shipments will rise, declining grades and falling prices mean earnings for the commodity will slip below A$100 billion in 2026 to 2027 for the first time this decade. Liquefied natural gas (LNG) exports are also set to fall, as new supply from the US and Qatar is set to see prices for Australia's second-biggest commodity drop to about US$10 a million British thermal units in 2027 from around US$15 early this year. Earnings from thermal coal will also decline, while its steelmaking counterpart will hold steady. The outlook is much more positive for gold, Australia's third-biggest commodity, with earnings seen jumping 22 per cent to US$56 billion in the financial year that ends on Monday. The department is also bullish on the outlook for copper, lithium and uranium. 'Higher prices for gold, and forecast higher copper and lithium exports, are partly offsetting the impact of lower prices for iron ore, coal and LNG,' Resources Minister Madeleine King said. 'While global commodity prices are easing, the report suggests Australian resources companies will continue to remain competitive on the global stage.' Finally, prices for lithium are set to 'remain subdued' but Australia will remain the leading supplier of the battery metal to 2027, according to the report. BLOOMBERG
Sky News AU
24-06-2025
- Business
- Sky News AU
Resources Minister assures Australians will be protected from potential gas price fallout
Resources Minister Madeleine King is assuring Australians they will be protected from a potential gas price or supply fallout if Iran blocks the Strait of Hormuz. Qatar and the UAE, both major LNG exporters, rely on passage through the waterway to supply 27 per cent of imports to Asia. Ms King claims the local market is more resilient than it was three years ago, when Russia's invasion of Ukraine disrupted LNG prices. Experts believe a full blockade is unlikely.
