Among the study’s key findings:
– In the year after Australia’s carbon tax was introduced, household electricity prices rose 15%, including the biggest quarterly increase on record.
— Currently 19% of the typical household’s electricity bill is due to Australia’s carbon tax and other “green” programs such as a renewable energy mandate.
— The job market had previously been stable, but after Australia’s carbon tax, the number of unemployed workers has risen by more than 10%.
— Because Australia’s exports are relatively emissions intensive, the practical result of the Australian carbon tax serves as a tax on exports and import-competing industries.
— Australia’s carbon tax was accompanied by income tax hikes on 2.2 million people.
— Due to fiscal gaps that exist between carbon tax revenues and increased government spending that accompanied the scheme, Australia’s budget bottom line will worsen as higher deficits and greater public debt increase.
— Carbon dioxide emissions have actually increased, and will continue to increase until 2043, according to the Australian government.