Climate Change Response (Emissions Trading Reform) Amendment Bill

75 Section 81 amended (Entitlement to provisional allocation for eligible industrial activities)

(1)

In section 81, formula, replace the definition of variable LA with:

LA

is the level of assistance for the eligible industrial activity for the year, being,—

(a)

for a moderately emissions-intensive eligible industrial activity,—

(i)

0.6 in each year until and including 2020; and

(ii)

in each year after 2020, the level of assistance from the previous year less the applicable phase-out rate:

(b)

for a highly emissions-intensive eligible industrial activity,—

(i)

0.9 in each year until and including 2020; and

(ii)

in each year after 2020, the level of assistance from the previous year less the applicable phase-out rate

(2)

In section 81, insert as subsection (2):

(2)

In this section, the applicable phase-out rate is,—

(a)

if regulations have not been made under section 84A or 84B that relate to the eligible industrial activity,—

(i)

0.01 for each year after 2020 until and including 2030; and

(ii)

0.02 for each year after 2030 until and including 2040; and

(iii)

0.03 for each year after 2040; and

(b)

if regulations have been made under section 84A or 84B that set a different phase-out rate for the eligible industrial activity for the year, the phase-out rate set under those regulations.