Australian Carbon Tax Repealed
Scrapping the carbon tax was a key election promise made by Prime Minister Tony Abbott, who, upon election last year, demanded the upper house recognize his electoral mandate to immediately repeal the emissions trading scheme.
Airliner Virgin Australia indicated in its updated financial guidance for the year that ended June 30, 2013 that the carbon tax, among other things, was having a negative impact on the company’s performance. The company said the pre-tax costs of the carbon tax for the 2013 fiscal year were between $40 million and $45 million, and the costs were unable to be recovered due to a weak economic climate.
The price rose to A$25 ($23.45) this month.
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