Draft carbon tax repeal legislation released - What does it mean for your business?

On 15 October 2013, the Government took its first step towards abolishing the carbon pricing mechanism by releasing eight draft repeal bills for consultation. Under the draft bills, the Government proposes to abolish the carbon price from 1 July 2014, grant new powers to the Australian Competition and Consumer Commission, and disband the Climate Change Authority.

For businesses, the big issue is the uncertainty around timing - when will the repeal legislation be passed and what are the implications if it is not passed before 1 July 2014?

The repeal bills will be the first item of legislative business when the new Government sits for the first time (expected to be the week beginning 11 November). However, it is unlikely that the repeal bills will be passed whilst Labor and the Greens control the Senate (unless Labor changes its position). It is more likely that the repeal bills will be passed after 1 July 2014, when the balance of power in the Senate shifts to the