The Federal Government has announced that 46% of all revenue raised by the Government’s proposed carbon tax would be allocated to industry, while the majority of the rest being injected into households.

 

Around 52% will be allocated to households in an attempt to offset the increase in prices that would result from the implementation of such a tax.

 

The announcement by Federal Minister for Innovation, Industry, Science and Research Kim Carr comes as the chief climate change advisor, Ross Garnaut, announced an expected $11.5 billion in revenue from the first year of a carbon tax, provided that carbon be priced at $26 a tonne.