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Australia: Carbon price abolition will cost $7.4bn over four years

2013-12-19 10:00:00| Climate Ark Climate Change & Global Warming Newsfeed

Guardian: Abolishing the carbon price will result in a $7.4bn deterioration in the budget position over the next four years, with the federal government setting aside more than $2bn in 2013-14 to buy back "free permits" allocated to Australia's heavy emitters. The Coalition has pitched its long-running political campaign against carbon pricing squarely in a cost-of-living frame -- arguing the "carbon tax' regime drives up consumer prices. But the mid-year economic forecast released on Tuesday confirm...

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