Repair iron ore speculation damage, Labor tells PM
Two trucks pass each other at a mine in the Pilbara in Western Australia. (AAP) AAP/File
The prime minister is being urged to repair the damage after the federal government let speculation linger on the possibility of an iron ore inquiry.
Treasurer Joe Hockey ruled out an inquiry into the industry for now, in a statement on Thursday, despite Tony Abbott saying last week one was needed.
Opposition Leader Bill Shorten believes the damage has been done to the sector and blames Mr Abbott for allowing the issue to linger.
He must now take responsibility and restore investor confidence, Mr Shorten said.
Independent senator Nick Xenophon, who helped put the issue in the spotlight, is weighing his options, and says the issue will continue to dog the government.
The retreat has been criticised by the mining union but welcomed by the Minerals Council of Australia.
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