Labor is reported to have uncovered a blueprint in a view to rejuvenate Australia's commercial coastal shipping sector. The blueprint has proposed to introduce a new tax regime that is cited to favor the industry.

The measures planned to drive the industry would also indirectly favor other valuable sectors of the economy, including offshore oil and gas, outlined, the Australian Shipowners Association that represents BHP Billiton, Caltex Australia and Rio Tinto.

A re-elected Gillard Labor Government has pledged to introduce various new international measures aimed at lowering costs for Australian ships so that the country’s shipping industry would grab an edge at par with its international competitors as well as other transport industries of the nation.

However, if businesses failed to abide with the compulsory training requirements then they would have to stick to the current tax system, which would be driven with the help of improved depreciation measures.

In addition, the Government unleashed a measure to cabotage, in a bid to shield local shipping routes for local ships -- in which manned ships and those from foreign nations could supplement the Australian fleet when any requirement persists.

However, these measures could take their effect only if the industry and unions work towards it collectively.