Carbon Tax won't lead to Job Cuts

The NSW State-owned power generator Macquarie Generation says that the federal carbon tax will increase its cost by $580 million in the first year and would potentially wipe out its profits. The company announced that a $23-a-tonne carbon tax would obviously have a major impact on the business but affirmed that the tax posed no short-term threat to jobs.

The carbon tax would almost double the merging Macquarie’s cost of production, Mr Skelton, Macquarie’s Chief Executive, told the inquiry. Macquarie supplies wholesale electricity to the national electricity market and is the largest emitter of carbon dioxide in the country. Mr Skelton however confirmed that despite the profit margin being substantially reduced, cutting jobs will not be the immediate solution.

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