Australia

Details

  • Service: Audit, Accounting Advisory Services, Climate Change & Accounting Assurance, Tax, R&D Incentives, Environmental Incentives, Advisory, Management Consulting, Economics, Risk Consulting, Climate Change & Sustainability Services, Topics, Climate Change
  • Type: Business and industry issue
  • Date: 8/11/2011

Australia's Climate Change Plan 

The Clean Energy Future legislation is now a reality with the bills passed in the Senate. The legislative package is part of the Australian Government’s plan to transition Australia to a low carbon, clean energy economy through initiatives in four key areas – carbon pricing, renewable energy, energy efficiency and land management.

Australia's Climate Change Plan cover

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Australia's Climate Change Plan: How it will work and implications [PDF 585KB]
 

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Central to the plan is the introduction of a carbon price mechanism (often referred to as the 'Carbon Tax') along with a significant package of complementary measures and assistance for business and households.

 

With a start date of 1 July 2012, an understanding of the mechanics of this major reform is important for all businesses.


KPMG has prepared this summary of the Climate Change Plan including the proposed carbon price mechanism – how it will work and the key implications for business in Australia.

 

Key design elements

  • Commencement date of 1 July 2012.
  • Fixed carbon price for the first 3 years – $23 in Year 1 up to $25.40 in Year 3.
  • A flexible carbon price will be introduced on 1 July 2015, which will be determined through an emissions trading scheme (ETS).
  • Assistance will be provided to businesses and households through a range of mechanisms.
  • All revenue raised from the sale of carbon permits will be used to encourage investment in clean energy activities and ease the cost burden of transition.