Former Australian Federal Treasurer Peter Costello: "Steel-making is very carbon intensive. The government knows this, so after imposing the carbon tax it has a plan to allow the industry to claim back assistance to the value of 94.5 per cent of the cost. That's pretty generous. It also raises the question of why it wants to impose the tax in the first place. Steel exporters from other countries will need no assistance because they will finish 5.5 per cent better off than their Australian competitors."
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