Part 1: Revenue Measures (Continued)
Cross Portfolio
Carbon Pollution Reduction Scheme — deferral
| 2009‑10 | 2010‑11 | 2011‑12 | 2012‑13 | 2013‑14 | |
|---|---|---|---|---|---|
| Various Agencies | - | - | -2,880.0 | -6,690.0 | -5,770.0 |
| Related expense ($m) | |||||
| Various Agencies | -107.0 | -429.7 | -3,155.9 | -7,141.2 | -7,472.1 |
| Related capital ($m) | |||||
| Various Agencies | - | -9.4 | -8.6 | -3.3 | - |
The Government will not move to legislate the Carbon Pollution Reduction Scheme (CPRS) before the end of the current period of the Kyoto Protocol in 2012 and will only introduce the scheme when there is sufficient international action.
The Government remains committed to the introduction of the CPRS. However, the financial impact of deferring the CPRS will depend on the timing of its introduction. As the timing is uncertain, the financial implications of the scheme have been removed from the forward estimates.
The deferral of the CPRS package improves the fiscal balance by $2.7 billion over five years from 2009‑10. Additional net departmental savings have also been taken, amounting to $237.6 million over five years from 2009‑10. This takes the total savings from the measure to $3.0 billion. This takes account of the impact of all CPRS policy decisions since the Mid‑Year Economic and Fiscal Outlook 2009‑10.
The deferral of the CPRS package improves the underlying cash balance by $414.9 million over five years from 2009‑10. Combined with the additional net departmental saves noted above, the deferral provides total savings of $652.5 million over five years from 2009‑10. The impact in underlying cash terms is smaller than in fiscal balance terms over this period primarily because the cash measure incorporated the receipts from the advanced sale of future vintage permits.
The $652.5 million in cash savings from this measure will be spent on clean and renewable energy and energy efficiency measures through the new Renewable Energy Future Fund. See also the related Cross Portfolio expense measure titled Renewable Energy Future Fund.
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