Industry Buoyant as Australia Welcomes New Government
Industry groups in Australia’s oil and gas industry have called for the incoming Coalition Government to act swiftly on its campaign pledges following the weekend’s landslide federal election victory.
The Coalition, an alliance between the Liberal Party and The Nationals Party in Australia, will form the country’s new government after a comfortable election win over the Labor Party Sept. 7.
Australia’s resources industry has backed the new government to deliver renewed stability to the oil and gas sector following volatility under Labor’s reign during the past six years.
The Chamber of Minerals and Energy of Western Australia (CME) said it looked forward to working with the Coalition Government to implement the key policy commitments made during the campaign.
These include to deliver a “one-stop-shop policy” for a more streamlined and cost efficient environmental approvals process, to abolition unnecessary additional tax costs and compliance burdens targeting the resources sector and to implement an Exploration Development Incentive, which would allow investors to deduct a proportion of exploration expenditure against their taxable income.
“A focus on reducing the cost of doing business and increasing exploration activity need to be a priority for the Coalition Government in order to enable the continued growth of the resources sector in Western Australia,” said CME chief executive officer Reg Howard-Smith.
A key election pledge during Abbott’s campaign was to scrap Australia’s controversial carbon tax, a move that was widely acknowledged as beneficial to oil and gas companies.
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