Australia imposes new tax to fund flood recovery...

Australia's Prime Minister Julia Gillard has announced a new tax to help pay for devastating floods that she says will cost A$5.6bn ($5.6bn; £3.5bn) in reconstruction.

Ms Gillard said the 12-month tax, starting from 1 July, would be levied on those earning A$50,000 or more and those affected by floods would not pay.

"We should not put off to tomorrow what we are able to do today," she said. More...

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