World Business News

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Oz Carbon Tax repeal gets opposition backing

Zone(s): Australia ¦ Sector(s): Carbon Taxation

[27 June 2014,]  By Mary Swire,, Hong Kong: With bold claims that his party will “hold the balance of power” in Australia’s legislature from July 1, 2014, Clive Palmer, the leader of the Palmer United Party, has said his party will back the abolition of the carbon tax and seek to repeal the legislation. According to Palmer, one of the planned amendments would mean that all energy producers are required by law to pass on to consumers the savings they would enjoy from repeal.

He does however remain opposed to Prime Minister Tony Abbott’s Direct Action plan for tackling climate change. PUP would therefore move an additional amendment to provide for the establishment of an Emissions Trading Scheme (ETS). It would become effective once Australia’s main trading partners introduce similar systems. Palmer said: “This measure cannot be defined as a financial measure, this scheme will have a carbon price zero rated. The government and the parliament of the day will have the ability to set the financial parameters o