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Carbon tax is a $15.4 billion hit to the Australian economy

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The Hon. Greg Hunt MP Minister for the Environment


20 June 2014

Carbon tax is a $15.4 billion hit to the Australian economy

Labor’s carbon tax has caused $15.4 billion of damage to the Australian economy in its first two years of operation.

This financial year the carbon tax is forecast to be a $7.8 billion hit on business.

Figures released by the Clean Energy Regulator today shows 371 companies will be paying the carbon tax this year.

Individual bills are expected to total $6.9 billion, plus there’s an additional $900 million carbon tax hit on aviation, transport, refrigerant gases and through reduced fuel tax credits.

All up more than 75,000 companies will be directly paying the carbon tax.

The carbon tax is continuing to cause massive damage to the Australian economy. It’s hurting households and businesses every day, yet it does not reduce emissions in any meaningful way.

Next week the Government will bring the carbon tax repeal bills back to Parliament to get rid of this dodgy tax once and for all.

Labor will have another chance to support repeal of the carbon tax and vote in favour of lower power prices for Australian families.

On 1 July 2014, the carbon tax is set to hike up by more than 5 per cent, rising from $24.15 to $25.40 per tonne. It’s more bad news for Australian families.

It’s time for Labor to stop standing in the way of much needed relief for families.

Scrapping the carbon tax will take the pressure off electricity and gas prices. Power bills are forecast to be around 9 per cent lower and gas prices around 7 per cent lower than they otherwise would be.

Across the country, households are forecast to be around $550 a year better off, on average without the carbon tax.

Media contact: John O’Doherty 0402 047 852