Alert – Draft carbon pricing mechanism legislation released
28 July 2011
Today, the Federal Government released for public comment the exposure draft of its proposed legislation for the carbon pricing mechanism (CPM). Submissions on the draft legislation are due by Monday, 22 August.
The draft legislation is generally modelled on the CPRS Bill rejected by the Parliament last year. However, significant changes have been made to accommodate the differences in policy positions between the CPRS and the CPM.
Complementary legislation dealing with the changes to the fuel tax regime has also been released.
A copy of Minter Ellison's earlier commentary on the Cleaner Energy Future package can be found here.
While the Government has said its policy decisions regarding the CPM are final, there is nonetheless an opportunity to comment on practical difficulties with the legislation that do not arise from deliberate policy settings, and to comment on ways in which the legislation may differ from the announced policy settings.
Our team is assisting clients to prepare submissions on the draft legislation. If you are considering making a submission and would like our assistance, or if you simply want to understand how the legislation will apply to your company, please contact a member of Minter Ellison's climate change team.