The Government has released for comment exposure draft legislation to make the necessary amendments to start emissions trading on 1 July 2014 (as announced by the Prime Minister on 16 July 2013). From that date, a floating price on carbon will apply. Under the previous arrangements, the carbon price was to be $25.40 per tonne from 1 July 2015. Under a floating price, the figure is expected to be around $6 a tonne. Government assistance to emissions-intensive trade-exposed industries will continue unchanged.
The draft Clean Energy Legislation Amendment (Emissions Trading Scheme) Bill 2013 sets out amendments to the Clean Energy Act 2011, the Australian National Registry of Emissions Units Act 2011 and the Fuel Tax Act 2006. The draft Excise Tariff Amendment (Emissions Trading Scheme) Bill 2013 sets out amendments to the Excise Tariff Act 1921. Note the Government also proposes to amend the Clean Energy Regulations 2011 and the Clean Energy (Reference Price Method) Determination 2013.
COMMENTS are due by 15 August 2013.
[LTN 144, 29/7/13]