Online Stockmarket Trading Update

With Tony Abbott taking over the Liberal Party leadership determined to delay or block the passage of the carbon emissions legislation, industry and business groups have been busy expressing their opinions…

Mining:
The Australian Minerals Council is welcoming the possibility of revisiting the terms of the ETS, to “get the design right”.

Aluminium:
From an industry particularly affected by a carbon fee, the Australian Aluminium Council believed the ETS deal agreed upon by the government and Malcolm Turnbull was likely to be the best it could hope for.

Oil and Gas:
The Australian Petroleum Production and Exploration Association is worried that renewing negotiations will have an uncoordinated, piecemeal approach, and Santos Ltd has restated its support of an emissions-trading scheme “to start the essential transition to a low carbon economy”.

Energy:
Origin Energy and the Clean Energy Council are arguing against delays or changes to the scheme, and continue to call for an end to the uncertainty which is holding back investment.

Small Business:
The Australian Chamber of Commerce and Industry is hopeful a delay could be used to the advantage of small business.

Amid all the chatter yesterday BHP Billiton and Rio Tinto left the talking to the lobby groups, and Woodside Petroleum added nothing to its statement on Monday warning against an ETS delay.

The Business Council of Australia and the Australian Industry Group are waiting for Senate decision on the ETS before commenting.

For more details:

• Bloomberg: “Australia LNG Companies Seek Climate Law Clarity as Delay Looms”
• The Australian: “Miners divided over revisiting ETS under Abbott”
• The Australian: “Emissions Trading Scheme uncertainty proves a double-edged sword”