Loading...
See More

Australia passes landmark carbon tax laws

Nov 08 2011 09:00 Reuters

Related Articles

SA to put emission caps on top polluters

Tax breaks mooted for energy savings

SA sticks to ambitious CO² target

Taxing carbon emissions

SA carbon tax plan may hurt job ambitions

Gillard again delays emissions trading

 

Canberra - Australia's parliament passed laws that impose a price on carbon emissions on Tuesday in one of the biggest economic reforms in a decade, giving new impetus to December's global climate talks in South Africa.

The laws will force Australia's top 500 polluting companies to pay a price on carbon emissions from July 2012 in a major policy victory for embattled Prime Minister Julia Gillard, whose popularity has plunged over the scheme.

The final vote in the senate comes after five years of heated debate, and endorses the central plank of the government's commitment to cut carbon emissions by 5% of year 2000 levels by 2020.

The impact of the scheme will be felt right across the economy from miners to LNG producers, airlines and steel makers. It is aimed at making firms more efficient in the power and fuel they use, and to push electricity generation towards gas.

To cope with higher energy and fuel prices, the laws set out compensation for industry and households, with the government forecasting the scheme to push up prices by 0.7% in 2012-13.

 
australia  |  carbon emissions tax
NEXT ON FIN24X

 

Lastest Articles

Here is how to check your credit score and manage it Read More...
Top tips to save money over the festive period Read More...
These are the top 5 most fuel efficient cars in SA Read More...
What to consider when switching medical aid schemes Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...