Sunday, July 10, 2011

Asia This Day:Carbon Tax Dust-Up in Sydney

Sydney is in an uproar over the Labour government's carbon tax proposal.Prime Minister Julia Gillard said we will require about 500 big polluters to pay a price per ton of pollution emitted into our atmosphere.Opposition leader Tony Abbott dismisses the idea,saying it will drive up prices,threaten jobs and do nothing at all for the environment.Millions will be worse off.
Industry is likewise up in arms.The mining and coal sectors call the proposal a job-killer.Companies feel that it puts them at a disadvantage.On the other hand,the green energy industry hails it as a wonderful opportunity.
The ASX 200 index was down substantially Monday as stocks reacted to the carbon tax,as well as Chinese inflation and Wall Street's Friday decline.
Sydney saw partly cloudy conditions Monday afternoon.It was 61F,with winds W at
14 mph and humidity of 27%.

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