News Wrap

IN THIS morning’s wrap: miners criticise Asian white paper for failing to address key issues; mining tax to stay despite lack of revenue, says Trade Minister Craig Emerson; and companies cooling on global warming.
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Lou Caruana

Miners criticise Asian white paper for failing to address key issues

Resources industry leaders say the federal government’s white paper on Asian engagement fails to address the most critical issues facing the sector, including the need to encourage Chinese investment in Australia and to import more workers from the region to plug skills shortages, according to The Australian.

The blueprint, released yesterday, stresses the importance of the mining and energy sectors as drivers of Australia's economic relationship with Asia, noting that export of iron ore, coal and natural gas will continue to grow even though the peak of the commodity price boom "is likely behind us".

Mining tax to stay despite lack of revenue, says Emerson

THE Labor Party says it won't change the design of the mining tax in another term of government even if the levy fails to raise its projected revenue, according to The Australian.

Trade Minister Craig Emerson said it was not possible to be "absolutely certain" about the money raised from the minerals resource rent tax, but that it would not be beneficial to keep "tinkering" with its design if Labor was re-elected in 2013.

Companies cooling on global warming

Falling concern about global warming has prompted a drop in the proportion of companies assessing their vulnerability to climate change, while government policies to manage the risks remain fragmented and uncoordinated, a study released by the Climate Institute has found, according to the Sydney Morning Herald.

The report found a widespread belief that because taking steps to limit the risks to long-lived assets such as the energy industry and railways is "expensive, extensive, time-consuming and difficult", "no action is often seen as the easiest path".

Such inaction, though, may carry costs of its own.