27 May 2016

Legislation to phase out ETS subsidies passes under urgency

10:24 am on 27 May 2016

Legislation that phases out Emissions Trading Scheme (ETS) subsidies has passed its third and final reading under urgency in Parliament.

The bill was one of two the Government introduced to the House yesterday as part of the Budget.

The two-for-one subsidy was a temporary measure introduced during the global financial crisis to help moderate the initial costs of the ETS to businesses.

All sectors in the ETS will start paying the full market price for their emissions from January the first 2019.

Parliament continues to sit under urgency to pass budget legislation to increase tax on tobacco.