Recalculating the Impact of the Carbon Tax: How changes to global carbon accounting standards will wipe our household over-compensation
By the end of this year household carbon tax ‘over-compensation' will be wiped out by changes to the global carbon accounting rules used to calculate the environmental impact of greenhouse gases.
The changes will:
- Increase Australia's emissions profile by the equivalent of 22 million tonnes of carbon dioxide per annum.
- Increase the cost impact of the carbon tax by nearly $230 million per annum.
- Increase the average carbon tax impost to households, thus wiping out ‘over-compensation'.
- Ensure the average Australian household is worse off under the carbon tax.