The financial services sector is likely to profit from the government's carbon taxation and trading scheme package, according to a report by IBISWorld.
"The financial services sector is likely to be one of the major beneficiaries of the Clean Energy Future package," the report that was published yesterday said.
"In the short term, changes to the taxation system - the lowering of the tax-free threshold, rising marginal tax rates and increased government handouts - are expected to spur demand for accountants and other financial professionals."
Demand for financial services is expected to rise further when the fixed carbon price will be replaced by an emission trading scheme from 1 July 2015.
"Big banks and other financial institutions will be actively involved in the operation of the carbon market through the trading of carbon permits, while demand from polluters and other businesses to hedge their carbon exposure and speculate on the carbon price will drive the development of a range of new derivatives products," the report said.
Financial institutions are also likely to be involved in trading Australian carbon credits in other markets, including the European Union, the report said.
Despite the strong opposition to the package from the Coalition parties, IBISWorld said it would be hard to stop the implementation of the plans.
"Although opposition to the policy is currently strong, and it is possible that a future administration will seek to repeal it, the scope and costing of the policy present significant barriers for any incoming government to choose such a course of action," the report said.
