Australia’s carbon tax scheme is put on the limelight again after China announced last week the adoption of a carbon tax scheme effective 2015. China aims to reduce its carbon emissions by as much as 40 per cent to 45 per cent by 2020.

Australia’s $23 a tonne of carbon dioxide tax price is pit against China’s $1.55 a tonne. Although China said the increase will grow gradually depending on the type of emissions, the proposed initial amount pales in comparison to Australia’s, reigniting unrest yet again among Australian businesses.

Ever since talks and debates started on the carbon tax scheme, Australian businesses had been adamant the $23 a tonne is a steep price to pay. Australian mining groups, the ones most affected by the carbon tax scheme, had vehemently argued much more is at stake than just being able to comply its yearly tax declaration responsibilities. Mounting the carbon tax, they said, will close coal mines, risk thousands of jobs, push power bills to soar and harm Australia’s international competitiveness.