ACTION ON POLLUTION MATTERS
The Carbon Price will Cut 160 Million Tonnes of Carbon Pollution Every Year by 2020 - the same as taking 45 million cars of our roads.
The Australian Government is introducing a carbon price on harmful pollution, which will commence on 1 July 2012. For the first three years the carbon price will be fixed, before moving to an emissions trading scheme in 2015.
A carbon price is not a direct tax on households - around 500 biggest polluters in Australia will be required to pay for their pollution under the carbon pricing mechanism.
Liable businesses (those producing more than 25,000 tonnes per year) will need to buy a permit for every tonne of pollution they produce.
In the fixed price period, that runs from 1 July 2012 to 30 June 2015, the carbon price will start at $23 per tonne.
In the flexible price period (from 1 July 2015 onwards), the number of permits issued by the Government each year will be limited by a cap on annual carbon pollution.
The price will then be determined by the market. Businesses will compete to buy the number of permits they need to meet their obligations.
For some businesses, it will be cheaper to reduce the pollution they produce than buy carbon permits. This is how the carbon price drives innovation and energy effeceincy.
INCOME TAX CUTS
From 1 July 2012, all taxpayers with incomes up to $80,000 will get a tax cut, with most receiving at least $300 per year.
The tripling of the tax free threshold $6000 to $18,200 will mean millions of Australians will be better off and up to 1 million people will no longer have to fill in a tax return.
Further tax cuts will also be delivered in 2015 by increasing the tax free threshold to $19,400.
FAMILIES WILL BE SUPPORTED
Up to $110 per child for a family that receives Family Tax Benefit Part A per year;
Up to $69 extra for families that receive Family Tax Benefit Part B per year;
Up to $218 extra per year for single income support recipients, $234 per year for single parents and up to $390 per year;
A special Single Income Family Supplement of up to $300 will assist single income families with income between $68,000 and $150,000.
NEW SUPPORT FOR PENSIONERS, VETERANS AND SELF FUNDED RETIREES
Pensioners will receive an increase of up to $338 per year for singles and $510 per year for couples combined. Concession card holders who rely on essential medical equipment will be eligible for an annual $140 Essential Medical Equipment payment.
Age pensioners, disability pensioners and carer payment recipients will receive the first nine months worth of their payments in a lump sum payment before 1 July 2012.
Veterans will receive assistance through service pensions and other payments such as disability pensions and war widow / widower pensions.
Self funded retirees with a Commonwealth Seniors Health Card will get the same amount of assistance as age pensioners.
The family car will not face a fuel price rise as the result of a price on carbon pollution.
EMISSIONS STANDARDS FOR CARS
The Federal Government will cut carbon pollution emissions on our roads by introducing new mandatory carbon dioxide emissions standards for all new light vehicles, including cars from 2015.
This is part of the Government's plan to make positive change to how we live, work and travel.
The 15 million light vehicles on Australian roads contribute more than 10 per cent of our total greenhouse gas emissions.
Modelling undertaken indicates that the new standards could save 2.6 million tonnes of carbon pollution annually.