The Australian Government will successfully pass the first phase of its Direct Action Plan after reaching a deal with the crossbench to support amendments to the Carbon Farming Initiative Amendment Bill.
The details of the amendments have been set out in a letter from Environment Minister Greg Hunt sent to Clive Palmer, obtained by RepuTex, which have been tabled by PUP Senators, along with amendments put forward by Senator Xenophon.
We analyse these details and the market implications below.
AGREED AMENDMENTS
BROAD AGREEMENT
Subject to passage of the CFI Amendment Bill, the government will withdraw the Climate Change Authority (Abolition) Bill and provide the CCA with funding to enable it to undertake its functions. Funding will be agreed at departmental level.
