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Australia's federal carbon tax to cost New South Wales billions: study

08-04-2011 11:44 BJT

SYDNEY, Aug. 4 (Xinhua) -- Australia's New South Wales Premier Barry O'Farrell on Thursday released a Treasury study, saying the federal carbon tax would "tear the heart out of many industries."

The review found the carbon tax would cost the state's economy 3.7 billion AU dollars (3.98 billion U.S. dollars) a year, wipe out 31,000 jobs and inflate household power bills by almost 498 AU dollars (535 U.S. dollar) a year.

Output of coal-fired generators and aluminium smelters would decline by nearly 50 percent by 2050, while growth in the mining industry would sink to 60 percent of what it would have been without the tax, O'Farrell said.

Power prices would rise by at least 15 percent, with households paying up to 498 AU dollars (535 U.S. dollar) extra annually, and businesses paying between 927 AU dollars (996 U.S. dollars) and 4191 AU dollars (4503 U.S. dollars) more a year.

"A carbon tax will result in the loss of more than 18,500 jobs in the Hunter region alone," O'Farrell said in a statement.

O'Farrell said his government would seek compensation from the commonwealth for the impact of the carbon tax on the state's purse.

Editor:Wang Xiaomei |Source: Xinhua

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