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Australian Opposition Pledges To Scrap Carbon Tax

07 August 2013   (0 Comments)
Posted by: Author: Mary Swire
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Author: Mary Swire (TaxNews.com)

The Australian opposition coalition has said that if it wins the impending general election, its first legislative priority will be to scrap the carbon tax.

The Government entered a so-called 'caretaker period' this week, as the country gears up for the September 7 election. Just last month, Prime Minister Kevin Rudd announced that Australia would move away from the carbon pricing mechanism (CPM) implemented in July, 2012, and employ an emissions trading system (ETS) from next year.

The CPM requires large carbon emitters to purchase a AUD24.15 (USD24.49) permit for each tonne of pollution they release into the atmosphere. Rudd claims that the switch to an ETS will result in a drop in the carbon price to around AUD6. Treasury estimates put the cost at AUD3.8bn over the forward estimates period.

Opposition leader Tony Abbot has now written to the Secretary of the Department of Prime Minister and Cabinet to alert him of the "Coalition's priority legislative drafting requirements," should it form a government. The Coalition's pledge to scrap the Clean Energy Legislative Package would result in the repeal not only of the carbon tax, but of the ETS also.

As the Coalition intends to press forward with this initiative at the earliest opportunity, Abbot has requested that "arrangements are put in place to identify drafters who are expert in the legislative detail of this package." Drafting would begin immediately following the election, and a Coalition cabinet would aim to have the legislation ready within one month.

Abbot says that if the Coalition is successful, it will introduce this legislation on the first day of the new parliament.


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