The figure was released in an explanatory memorandum introduced to Parliament on Wednesday, as Prime Minister Tony Abbott introduced his carbon tax repeal bill in line with his election promise.

 

“This is our bill to reduce your bills, to reduce the bills of the people of Australia,” he said.

 

But the bill will cost billions.

 

 

 

Both tables were extracted from the explanatory memorandum introduced to Parliament on Wednesday.

 

This cost comes despite savings made by scrapping the Clean Energy Finance Corporation and the Climate Change Authority, as well as cutting allocated funds to the Australian Renewable Energy Agency by $434.9 million.

 

The 2011 Census data is the most recent available and counted about 8.18 million Australian households. Based on this figure, repealing the carbon tax at a cost of $7.37 billion would cost individual households about $901.

 

According to the Prime Minister, with the tax gone, electricity costs will fall 9% and gas prices 7%, providing the average household with an annual power bill saving of $550.

 

Taking account of those savings, scrapping the carbon tax will cost individual households about $351.