“I have expressed disappointment with the decision. I know the pressure which the government has been under its unprecedented lobbying. I think it’s probably even further pressure and what the previous Labor government came under when they brought in a mining tax which the multi-nationals would never pay.”

 

The Australian share market has ended the session fairly flat and has finished the week lower. Energy managed to offset some losses in the banking sector. By the close, the All Ords and the ASX 200 Index added less than 1/10 of a percent each. Gold Miner Newcrest and Energy Producer Santos added over 2% each. Cardno recovered recent heavy losses. Qantas was among the worst performers and Oroton dropped 13% after saying now it expects no earnings growth in the second half and is tipping a 66% fall in full-year earnings. Across the region, Japan’s Nikkei is on the rise. There are strong gains in China. The Hang Seng is up over 1.5%, and Shanghai’s / index has jumped more than 2. The Australian dollar is currently buying 79.25 US cents.