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Australian Carbon Tax Repealed

Companies in Australia will no longer have to pay for their carbon emissions, following the government’s repeal of the so-called carbon tax, the New York Times reports.

Scrapping the carbon tax was a key election promise made by Prime Minister Tony Abbott, who, upon election last year, demanded the upper house recognize his electoral mandate to immediately repeal the emissions trading scheme.

The carbon tax, which took effect July 1, 2012 and at that time required about 300 companies to pay A$23 ($21.50) per metric ton of carbon emissions, has impacted businesses in Australia.

Airliner Virgin Australia indicated in its updated financial guidance for the year that ended June 30, 2013 that the carbon tax, among other things, was having a negative impact on the company’s performance. The company said the pre-tax costs of the carbon tax for the 2013 fiscal year were between $40 million and $45 million, and the costs were unable to be recovered due to a weak economic climate.

The price rose to A$25 ($23.45) this month.

 

 

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