Swan assures support to households on carbon tax
25 Jun 2012
Treasurer Wayne Swan said around 98 per cent of Australian households earning up to $150,000 a year would receive some assistance for the carbon tax, under new modelling.
Labour's price on carbon emissions by the nation's biggest polluters would come into effect in seven days on 1 July.
"Today I can share with you some new Treasury analysis that shows over 98 per cent of families with incomes up to $150,000 will receive assistance, with around three-quarters being covered for at least the full average price impact of the carbon price," Swan said in his weekly economic note.
"In fact just over half of families with incomes up to $150,000 will get a buffer of at least 20 per cent over the expected price impact."
The federal government's carbon tax starts with a $23-a-tonne fixed price before it gets transformed into an emissions trading scheme with a floating price in 2015.
Revenue from the carbon tax would provide compensation to most Australian households and trade-exposed industries. According to Swan, the "fear mongering'' about the impact of the carbon tax on the Australian economy would continue.
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