“I am throwing open the Government’s door to the mining industry and I ask that in return, the mining industry throws open its mind,” said Ms Gillard.

Australian Petroleum Production & Exploration Association Chief Executive Belinda Robinson said, “Today’s announcements do not change the oil and gas industry’s desire to continue to negotiate in good faith to ensure that any new scheme does not disadvantage existing projects and those currently considering major investment decisions, provides appropriate incentives for small and medium sized explorers, and delivers competitive neutrality in tax treatment for those competing in the same market.”

BHP Billiton Chief Executive Officer Marius Kloppers said that the company was encouraged by Ms Gillard’s comments.

“The industry has consistently been calling for the Government to properly engage on all aspects of the tax and we welcome the opportunity to do so. We agree with the Prime Minister that the uncertainty must be ended,” he said.