As we know, the Palmer United Party joined with the Greens to stymie the repeal of the Carbon Tax on Thursday. The members of PUP have called for amendments to the bill as it stands to ensure savings from the removal of the tax are passed on to consumers in a timely fashion. Energy companies have promised to pass the savings onto consumers, but have been wishy-washy when asked to set reimbursement time frames.

Cameron O'Reilly, Photo: questevents.com.au

Cameron O’Reilly, Photo: questevents.com.au

Cameron O’Reilly, chief of the Energy Retailers association of Australia, committed his members to pass on savings ‘as soon as possible’; but wouldn’t be drawn on when that might be.

Speaking about the PUP amendments Mr O’Reilly said, ‘Customers will get the benefits the sooner both houses pass this legislation.’ He went on to argue the difficulty in forecasting the flow-through of removing the Carbon Tax.

As noted in an earlier Finance friend bulletin, many businesses have already adjusted their accounting in preparation for the removal of the tax. Each day the tax remains they are further out of pocket. In response to the delay the Business Council pointed out the consequences for consumers as a flow-on effect from businesses affected by the stalling.

The Carbon Tax Repeal Bill is set to go back to the lower house on Monday, it will include the amendments and hopefully see a better outcome.

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