Carbon tax likely for Australia by 2012

Prime Minister of Australia Julia Gillard and Australia’s Green Party have pledged to work toward legislation that would implement a carbon tax during 2012. The proposed model includes an initial carbon tax which would rise at an agreed annual rate, then move toward an emissions trading scheme with a market-determined price at some point between 2015 and 2017. Details of the proposed legislation have not been released to date, leaving questions as to how households or businesses will be compensated, what the carbon price will be and whether different sectors of the economy will pay the tax at the same time. (February 25,2011)