Investor outraged at possibility of rebate scheme change
WHO will invest in taking direct action against climate change on the basis of a worthless "trust me"?
The question is being asked by Southern Oil managing director Tim Rose, who invested in Yarwun's oil re-refinery under assurances from the then-government and opposition ministers that a rebate scheme for producers wouldn't change.
But Mr Rose is now in disbelief after the Aither review recommended the Federal Government radically change the scheme.
He said the government had poorly administered the scheme and any reduction in the category one benefit for top-grade producers would be at complete odds with Prime Minister Tony Abbott's statement this year that: "What investors really need is greater confidence that governments won't change the rules after the investment has been made."
Mr Rose said Southern Oil had commissioned its own research from ACIL Allen that showed it was a world-class deposit refund scheme.
"The Aither conclusion ignores the scheme's intention as an ongoing deposit refund scheme to ensure sustainable environmental outcomes for waste oil recycling and disposal," he said.
Mr Rose said the review suggested cutting the rebate from 50 to 25 cents per litre for those who re-refined waste oil, while suggesting maintaining the refund rate for burning waste oil.
"It could ruin me," he said. "I'm not a faceless corporation, it's a family company.
"The department needs to start cracking down on the guys who are rorting the system and get their house in order before picking on the guys doing the right thing out in the community."