The Government of Australia has released drafts of bills which will set up Australia's carbon pricing plan for public comment. The Clean Energy Legislative Package includes:
- Clean Energy Bill 2011 (which sets up the carbon price mechanism);
- Clean Energy Regulator Bill 2011 (which establishes a regulatory body to administer the mechanism);
- Climate Change Authority Bill 2011 (which establishes a new Authority to advise the government on the future design of the carbon price mechanism)
The bills define how the three-year fixed carbon price followed by a move to an emissions trading scheme will work. It also defines which sources of carbon emissions will be covered by the tax. For example, agriculture will not be subject to the tax. It also legislates a target of reducing Australian emissions to 80 per cent below 2000 levels by 2050.