Friday, May 10, 2013

AUSTRALIA'S TAX SYSTEM NOW HOSTAGE TO INTERNATIONAL CARBON PRICE

08/05/13
Australia’s tax system is now hostage to the volatile international carbon price.  Minister Combet has blamed a drop in the international price for abandoning promised tax cuts in next week’s Budget.
The confirmation that the tax cuts scheduled for 2015 will not proceed highlights the chaos of the Carbon Tax and the flow through impact on families and businesses.
The Government has been left with a real budget black hole of between $6-8 billion due to the crash in the European carbon price which will cut revenue from the Carbon Tax when it goes to a floating price in 2015.
Of significant concern is that Minister Combet has confirmed that the future of the Australian tax system will depend on movement in the international carbon price.
Australia’s tax system and electricity prices will now be determined by Brussels.
Today’s broken promise is another example of how the Government had banked on the revenue but got the figures wrong and cannot be trusted.
The Carbon Tax is in chaos and today’s announcement is the ninth major change since it was introduced only 10 months ago, with further changes likely next week.
The election will be a referendum on the Carbon Tax.  The Coalition, if elected, will repeal the Carbon Tax and introduce a scheme to reduce greenhouse emissions without a tax and which is financially responsible with a capped cost.
http://www.liberal.org.au/latest-news/2013/05/08/australias-tax-system-now-hostage-international-carbon-price
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