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SOUND BASIS FOR NATIONAL DEBATE – DRAFT ENERGY WHITE PAPER

The draft Energy White Paper released today provides a sound basis for a much-needed national debate about the future of energy policy. The draft White Paper recognises the fundamental role that coal and uranium will continue to play in Australia?s export profile over the next three decades, points to the importance of policy neutrality and vibrant markets in energy policy, proposes a regular review process to monitor the impact of policy measures and recommends the streamlining or removal of costly and ineffective ?non-complementary? measures adopted by Federal, State and Territory Governments.

SUBMISSION TO THE SENATE ECONOMICS LEGISLATION COMMITTEE

The minerals industry is Australia’s most globalised industry and a key pillar of the national economy. It accounts for around 7% of GDP, upwards of 20% of national investment and more than 50% of Australia’s exports of goods and services. The industry is also a large and growing contributor to Federal and State Government revenues in Australia under existing taxation and royalty arrangements.

CLIMATE POLICY COLLAPSE HIGHLIGHTS NEED FOR RE-THINK ON CARBON TAX

Reports that there will be no global climate treaty before 2020 confirm that Australia will be paying the world?s biggest carbon tax for no environmental gain. The reports coincide with analysis from global investment bank UBS forecasting that the European carbon price could plummet to just 3 Euros in 2012. That means that Australian business could be paying a carbon price 4 to 5 times higher than their European counterparts in 2012, while their competitors in the US, Canada and other developed nations face no direct carbon costs.

Speaking Notes: 2011 Agriculture Roundtable Conference

I acknowledge the Wurundjeri people of the Kulin nation, the Traditional Owners of this land we are on today, and I extend my respects and of the Minerals Council of Australia, to their Elders and Ancestors. Chairman, John Keniry; Executive Director, Mick Keogh; Phil Lowe, Assistant Governor, Reserve Bank of Australia.

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