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How Does Carbon Pricing work?

Australia produces about 500 million tonnes of carbon pollution every year. This makes Australia one of the highest carbon polluters in the world. Currently polluting is free, but generating pollution has a cost. It’s a cost on our natural environment, our environment and our way of life. The carbon price changes this instead of being able to pollute for free big polluters must pay a price for every tonne of carbon they create. Industry must factor in the cost of carbon pollution into their business, just as they factor in material labour and so on. This will have two impacts.

One: it will drive big business into coming up with ways to reduce pollution.

Two: It will make good and service which are produced with lots of energy more expensive.

Households will notice this change through rising cost in some goods and services but the overall impact on prices will be small 9 in 10 households will receive a combinations of Tax cuts and increased payments.

Carbon Tax Compensation for Households

Big Australian Polluters will be hit harder by the new Carbon Pricing Scheme, as a result it will be passed on to products produced by the polluters. It has been estimated that the average households or families will be paying around $9.90 per week in the first year of the introduction.

To soften the impact of the increase the tax free threshold will be increased from $6000 to $18,200 and this will exempt approximately one Million people from the need to pay income tax or file a tax return. Individuals who earn less than $80,000 per annum will also receive a tax cut of around $300 per annum; there will be further assistance that will be provided to Pensioners and households on welfare payments which will be seen on their regular entitlements.

If you would like to find out further information about the assistance program or would like to estimate your assistance entitlements you can use the link below.

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