Part of a package of 8 bills to remove the carbon pricing mechanism, the bill: repeals the six Acts which established the carbon pricing mechanism; amends 13 Acts to make amendments consequent on the repeals; enables the payment and future enforcement of carbon tax liabilities for the 2012-13 and 2013-14 financial years; amends the:
Competition and Consumer Act 2010 to: prohibit carbon tax-related price exploitation and false or misleading representations about the carbon tax repeal; and provide the Australian Competition and Consumer Commission with additional price monitoring powers, including taking action against businesses that do not pass on cost savings attributable to the carbon tax repeal;
Clean Energy (Consequential Amendments) Act 2011 and
Income Tax Assessment Act 1997 to remove the conservation tillage tax offset; and
Australian Renewable Energy Agency Act 2011 to change the future funding for the agency; and repeals the
Steel Transformation Plan Act 2011 to cease carbon tax-related assistance to steel industry businesses.