Treasurer Joe Hockey has described the reported shooting down of a Malaysia Airlines plane over Ukraine as "an act of unspeakable sadness".
Mr Hockey addressed the tragedy during a press conference at the B20 business summit in Sydney on Friday morning.
"We are all extremely saddened about what's happened and extend our condolences to everyone affected," he said.
Earlier in the conference Mr Hockey said the disaster could affect global business confidence.
"These sorts of events can undermine confidence in a very short period of time," he said.
Mr Hockey also said the federal government would not agree to the repeal of the mining tax - currently before parliament - unless all associated spending measures were also abolished.
Mr Hockey, in a media conference with business leaders including Rio Tinto boss Sam Walsh, said the mining tax was "the very definition of sovereign risk in Australia for the iron ore industry and the coal industry.
"I note that so far our Senate has rejected the repeal of the mining tax package. That's very disappointing for us. We will not repeal the mining tax unless all of the spending associated with that tax is also abolished," he said.
Mr Hockey said the abolition of the carbon tax - passed this week by federal parliament - removed a "handbrake" on investment in Australia's mining and resource industry.
The treasurer said Australia could not fall behind in attracting new investment in resource development around the world.
Mr Hockey said any price on carbon had to come via a global scheme.
"Carbon dioxide is a global commodity and if it's going to be traded it should be traded globally," he said.
Mr Walsh said it was important Australia "keep track" with the rest of the world.
"Clearly the carbon tax was putting Australia at a disadvantage," he said.
"Technology will be the solution and it's very important that we retain governmental measures to ensure that, A, they are globally competitive but, B, that they do allow time for these technologies to take hold.
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