The new tax requires polluters to pay A$23($24.5) in tax for a metric tonne of carbon from 2012.

The Minerals Council of Australia (MCA) has stated that the new tax will cost the minerals industry $25bn between 2012 and 2020 and will be the highest carbon tax in the world, effecting about 90% of the country’s minerals exports.

MCA said that the decision to impose the carbon tax on emissions from coal mines was unique.

According to MCA, the carbon tax will compromise the competitiveness of Australia’s export and import competing sectors without environmental benefit.

The council has urged the government to align its approach and adopt a phased approach to the introduction of carbon permits.