CHAMBERS OF COMMERCE DEMAND CARBON TAX REPEAL

CHAMBERS OF COMMERCE DEMAND CARBON TAX REPEAL

BUSINESS representatives from each sector of the Australian economy today urged the Federal Government to reverse its new carbon tax.

In a resolution passed by the Australian Chamber of Commerce and Industry’s (ACCI) general council in Brisbane, more than 300,000 employers renounced the $23 a tonne price on carbon as “futile” and poorly timed.

“It is a particularly bad time for the economy as manufacturing, construction and retail remain vulnerable without the further burden of a carbon tax,” says economics and industry policy director Greg Evans (pictured).

“We are seeing very slow levels of business and consumer confidence with 80 per cent of the economy experiencing very subdued trading due to continuing international instability.”

ACCI’s latest survey of investor confidence backs this view, showing profitability fell to historically low levels in the past 12 months.

“Consumers prefer to reduce debt than spend. Business margins have been squeezed since they have very little pricing power and face escalating wages and energy prices,” says Evans.

“Manufacturing and other industries are under so much pressure that job shedding is taking place. Even when employment levels are unaffected, businesses may defer or divert investment – forgoing sale opportunities.”

ACCI suggests microeconomic reforms to reduce structural adjustment costs of the carbon price and adverse impacts on competitiveness – and costs imposed on small to medium enterprises.

Read the essential guide on how to avoid any gloom associated with the new Carbon Tax by getting your copy of Gold Coast Business News magazine – at newsagents now.

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Golden handshakes to departing ASX100 CEOs hit 12-year high

Golden handshakes to departing ASX100 CEOs hit 12-year high

Around one in every six CEOs of ASX100 companies left their job&nbs...

Maggie Beer Holdings CEO Kinda Grange resigns just 16 months into the job

Maggie Beer Holdings CEO Kinda Grange resigns just 16 months into the job

The revolving door of leadership at Maggie Beer Holdings (ASX: MBH)...

Dreamworld owner reports improved ticket sales despite severe peak season storms

Dreamworld owner reports improved ticket sales despite severe peak season storms

The owner of Gold Coast theme parks Dreamworld and WhiteWater World...

Peter Farrelly's action comedy Balls Up starring Mark Wahlberg to be filmed in QLD

Peter Farrelly's action comedy Balls Up starring Mark Wahlberg to be filmed in QLD

The Australian film industry continues to attract Hollywood product...