Australian Government announces new Carbon Tax reform

On Sunday July 10th the Australian Government released its long awaited blue print for the imposition of a carbon tax regime that targets industry that pollutes our atmosphere and rewards industries that are working towards a low CO2 environment.

Environmentalists have hailed it as a world first, whereas many of Australia’s traditional industries are claiming it will lead to job losses and increased prices.

The government has provided a much detailed compensation package and significant tax cuts to offset the impact upon the average Australian household and it is very clear that over coming months the debate will rage over the proposal.

If passed through both houses of parliament the new regime will become effective from 1 July 2012.

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