News Wrap

IN THIS morning’s News Wrap: Liberal conference may reject gold royalty rate hike; gas prices to surge on Queensland export launch; and “vulnerable” China a threat to stability.

Lou Caruana

Liberal conference may reject gold royalty rate hike

As severe opposition to a West Australian mining royalty review increases within the resources industry, a motion opposing any royalty increase for the gold sector will be brought to the table at the Liberal Party’s WA state conference this weekend, according to the Australian Financial Review.

Federal Liberal Member for O’Connor Rick Wilson has put forward a motion for the party to directly oppose any rate hike for the struggling sector.

If passed, the motion is not binding for the Liberal Party. However, Wilson said if the motion is successful he will be pressing the issue with the Premier and cabinet.

Gas prices to surge on Queensland export launch

Gas prices are forecast to rise steeply in eastern Australia in the wake of the launch of gas exports from Queensland later this year, which will undermine much of the energy source’s competitive position when compared with electricity, according to the Sydney Morning Herald.

Forecasts included in an application lodged by gas distributor Jemena to the Australian Energy Regulator includes data which points to the steep price rises anticipated as domestic wholesale gas prices rise towards international levels.

‘Vulnerable’ China a threat to stability

One of the world’s leading economic minds has warned that instability could come to Asia as China grapples with its increased “vulnerability” and loss of self-sufficiency, according to The Australian.

The former Bank of England governor Mervyn King said yesterday that China’s new reliance on food and commodity imports, coupled with its military rise, would increase the risk of an outbreak of conflict.

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