Standard & Poor’s decision to strip Western Australia state of its AAA credit rating may act as a warning to Prime Minister Tony Abbott as he assumes stewardship of a national budget that’s been in deficit for five years.
Japan’s Mitsubishi Corp. and Australia’s Murchison Metals Ltd. , building a A$4 billion ($3.83 billion) iron ore rail and port development, need a better plan for the project’s ownership to facilitate its funding, Western Australian Premier Colin Barnett said.
Western Australia is set to return the state Liberal Party to power this weekend as voters at the forefront of the nation’s mining boom underscore the waning popularity of Prime Minister Julia Gillard’s Labor party.
Western Australia will never accept the modified mining tax Prime Minister Julia Gillard agreed with the nation’s biggest miners, the state’s Liberal Premier Colin Barnett told the Australian newspaper in an interview.
Australia’s new resources tax, which was changed by Prime Minister Julia Gillard in an announcement today, is still flawed and disciminates against coal, iron ore and energy miners, Western Australia Premier Colin Barnett said in an interview on ABC Radio today.
Posco , South Korea’s largest steelmaker, may increase its involvement in the A$4.3 billion ($4.3 billion) iron ore rail and port development at Oakajee in Western Australia, state Premier Colin Barnett said.
Australian Prime Minister Kevin Rudd ’s government is likely to compromise on the threshold at which his proposed tax on the profits of resource companies kicks in, Western Australia state Premier Colin Barnett said.