The Federal Government has introduced its carbon tax and
accompanying legislation into Parliament.
The Clean Energy Bill 2011 and 17 complimentary pieces
of legislation were introduced yesterday to a Parliament that
opened two hours earlier than usual in order to debate the various
Here, partner Michele Muscillo and solicitor Ben Ricketts
outline what the Government hopes to achieve in introducing this
Due to an agreement with the Greens, the carbon tax is likely
to be fast-tracked between the upper and lower houses, with a vote
to be put to the House of Representatives by mid-October, and to
the Senate by mid-November.
The Government's overall objective is to have a carbon tax
of $23 per ton in place by 1 July 2012.
The carbon tax and accompanying legislation
In introducing the carbon tax and accompanying legislation, the
Government hopes to phase out the highest polluting coal fired
electricity generators by 2020, at the same time encouraging
investment in clean energy such as wind, solar and geothermal in
order to reduce Australia's emissions by five percent of year
2000 levels by 2020.
A large proportion (estimated at around 40 percent) of the
revenue collected from the carbon tax will be used to provide
assistance to Australian industry under the Government's Jobs
and Competitiveness Program. Free credits will be provided to the
most emissions intensive trade exposed industries in order to avoid
carbon leakage, whereby jobs and industry are lost either offshore
or to overseas competitors.
The complimentary legislation introduced into Parliament deals
with amendments to:
income tax rates (the tax free threshold will be tripled to
$20,500 as part of the Government's proposed household
the Ozone Protection Act 1989 and the Carbon Farming
fuel tax and aviation fuels legislation; and
the powers given to ASIC and the various Government bodies that
will be created to administer and enforce the carbon tax.
With the Greens pledging to assist the Labor Government to push
the suite of carbon tax legislation through both houses, Labor has
added an extra sitting week to the Senate to allow time to pass the
bills before the Christmas break.
For details on the effect of the carbon tax on top polluters,
please click here. For more information on how the carbon tax or
its associated legislation may affect your business, please contact
HopgoodGanim's Climate Change team.
The article examines the regulation of the oil and gas industry and breaks down the regulatory process state by state.
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