Carbon tax predicted to be financial disaster for restaurants

The Government’s carbon pricing package unveiled yesterday will be a financial disaster for restaurants, cafes and catering businesses, according to the industry’s peak national representative body.Restaurant and Catering Australia said it was a further blow to an industry “already reeling with high operating costs and excessive government taxes” and has called on the Government to ensure the industry was compensated against further pressure flowing from the introduction of the carbon tax next year.In a statement R&CA said approximately 63 per cent of the industry earns an average 2 per cent after tax and the overall average is only 4 per cent with profits expected to further deteriorate in the short term.Read full story at Hospitality Magazine