Australia Sees A$24.7 Billion Carbon Revenue as Permits Drop
This article is for subscribers only.
Australia expects to raise A$24.7 billion ($24.8 billion) in four years from the carbon tax coming into effect July 1, as the government seeks to reduce emissions and spur investment in cleaner energy.
The levy on Australia’s biggest polluters starts at A$23 per ton of carbon and rises by 2.5 percent in real terms in each of the following two fiscal years. Treasury projects they will reach A$29 in 2015-16, when the mechanism moves to a price set by the market, the government said in the budget yesterday. The tax is expected to increase consumer prices by 0.7 percentage point in the 12 months starting July 1.