Employee reward and benefits news
Australia's mining industry volatile after election results
Workers in Australia's mining industry could see their employee reward suffer as uncertainty looms over the sector.
Mining companies recently saw their shares fall in the aftermath of the Labor victory in the recent elections.
BHP Billiton, Rio Tinto and Fortescue Metals were among those who saw their shares lose value on the stock exchange.
Speaking to Bloomberg, James Holt at BlackRock Investment Management Ltd, said: "Markets hate uncertainty - they're probably going to be volatile until there's a pretty clear picture of what the mining tax will look like."
The news comes off the back of a prolonged political drama in Australia that finally culminated in independent MPs Rob Oakeshott and Tony Windsor supporting PM Julia Gillard, enabling her to form the next government.
Retaliation from the mining firms to the Labor-proposed mining tax had forced former premier Kevin Rudd, who had insisted on the tax, to step down from office.
The tax is crucial for reforming the superannuation system in the country.
Posted by Peter Chad
