Posted By Dave DicksonA few months ago, the government’s $500 billion “fiscal cliff” package would have hit the Australian economy hard.
But the Government’s new policy, dubbed “the carbon tax”, is going to hit Australia harder than ever.
The carbon tax will be a massive tax on energy production, with the government announcing on Thursday that the tax would take up more than half of the $2.7 trillion budget.
The plan is a huge tax increase that will hit the poorest Australians hardest, but will also have an impact on the energy sector, according to the Climate Institute, which says the carbon tax is the biggest tax increase in Australia’s history.
In a nutshell, the carbon price will result in more than $100 a tonne of carbon emissions.
The climate change policy, which the Government is trying to implement by the end of the year, will result for the first time in a reduction in carbon emissions in Australia.
This change is being driven by the policy’s ability to reduce greenhouse gas emissions.
Climate experts believe the Government could have made changes to the policy before the budget, but decided to take them into account at the last minute.
“It will make the carbon market more competitive, and there’s a good chance the price will rise further,” said Chris Connor, a climate scientist at the University of Western Australia.
“If they have a very strong case, I think they’re going to get it through the Senate.
They could even get it passed.”
If passed through Parliament, the legislation will be subject to a Senate inquiry into the carbon pricing policy.
In the Senate, the Government will need the support of four Labor senators to pass the legislation, which would be the highest level of support for a carbon tax since the Abbott Government introduced the policy.
The Government has not given an estimate for the cost of the carbon levy, but the Climate Action Tracker estimates it will be around $20 a tonme, with most of that coming from the mining sector.
The $500bn tax is a major policy change for the Australian government.
Originally from Western Australia, Mr Abbott was elected to the Senate in September, and he has been the Prime Minister for six years.
Under the carbon excise tax, the Federal Government will be able to collect up to $100 billion a year in additional revenue through the carbon credit, a tax on emissions that the government claims will help reduce emissions.
This is due to the fact that carbon emissions will fall as a result of a carbon price.
The policy will be introduced in 2018, and it will become effective from 2020.
The Carbon Tax will take up about half of Australia’s budget in the first half of 2020, the year after the Budget.