New Australian Prime Minister Kevin Rudd plans to discard the country's carbon tax and introduce...

|By:, SA News Editor

New Australian Prime Minister Kevin Rudd plans to discard the country's carbon tax and introduce a less costly floating price emissions-trading system by July 1, 2014, a year earlier than planned. The scrapping of the tax, which was a flagship policy of ousted PM Julia Gillard, is expected to lower government revenues by several billion dollars, so it will have to cut costs to compensate. Companies that could be affected include Peabody Energy (BTU), BHP (BHP), Rio Tinto (RIO) and Glencore (GLCNF.PK).