Moving to an emissions trading scheme
- From July 1, 2014 fixed price on carbon will move to a floating price
- Carbon price to fall from $25.40 to about $6
- Average household will be $380 a year better off
- Average household to save $150 a year on electricity bills, $57 a year on gas bills
- No change to carbon tax compensation for households
- Cost to budget is $3.8 billion over four years
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Savings to offset the change
- Changes to car fringe benefits tax – $1.8 billion over four years
- Ending Energy Security Fund two years early – $770 million over four years
- Changes to the Coal Sector Jobs package in 2014/15 – $186 million
- Deferral of $200 million from Carbon Capture and Storage program – returning $24 million to budget
- Return $213 million from Biodiversity Fund over forward estimates
- Return $143 million from the Carbon Farming Futures program
- Rephasing $200 million from the Clean Technology Program, returning $162 million to budget
- Job cuts of 800 public service executive and senior executive positions and changes to software procurement – saving $248 million
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