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Australia Releases Carbon Repeal Legislation

by Mary Swire, Tax-News.com, Hong Kong

16 October 2013


The Australian's Coalition Government has said that scrapping the carbon tax will leave the average household approximately AUD550 (USD521) better off in 2014-15.

The new Government had pledged that its first parliamentary act of business would be to introduce repeal legislation. This has now been released for public consultation.

The bills remove the carbon tax, end the carbon tax on fuels used in shipping, rail and air transport, and on synthetic greenhouse gases. The Climate Change Authority will be abolished, and the Australian Competition and Consumer Commission will be given further powers to take action against businesses engaging in post-repeal "price exploitation."

Unveiling the draft legislation, the Environment Minister Greg Hunt stressed that businesses and manufacturers will see their compliance costs fall by AUD100m a year, while the economy overall will receive a boost, employment will go up, and cost of living pressures will be eased. Around 440 pages of legislation will be axed.

The public consultation closes on November 4.

TAGS: environment | compliance | tax | business | tax incentives | Australia | environmental tax | legislation | carbon tax | revenue statistics | tax reform

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