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Missing from the conversation about the carbon tax is that it wasn't being spent on decarbonisation efforts. Hypothecated is the technical term for what we usually call ringfenced funding. Graph from the state auditors in 2024 below already showed the carbon fund was increasingly non hypothecated.

I'm currently looking for the carbon fund figures from the last two years to further the point, but it is part of a larger problem that the government is playing a shell game with our energy sustainability, security and fuel costs while the world burns.