Energy Tax Reform Packages

Despite the precarious state of the Parliament, the Government has managed to enact both its carbon tax package and the minerals resource rent tax Bills. This Tax Brief is a snapshot of what has happened and what happens next.

The 'Carbon Tax' package

The enactment of a carbon tax has been a long and difficult process for the Government. In September 2010, the Prime Minister announced a 'Multi-Party Climate Change Committee' to examine a carbon pricing mechanism. On 24 February 2011, the Government announced the broad design features of a carbon price mechanism and further detail was provided with the release of the 'Clean Energy Future' package on 10 July 2011. A package of 21 Bills to give effect to the carbon pricing mechanism was introduced into Parliament and passed in November 2011. They became law in December 2011 and will commence on 1 July 2012.