During the 2013 elections, voters gave Canberra a mandate to repeal the tax, after having caused $15 billion in economic impacts in its first two years, according to government statistics.

“The tax that you voted to get rid of is finally gone — a useless tax that damaged jobs, hurt families’ cost of living, and which didn’t help the environment,” said Australian Prime Minister Tony Abbott. Government officials estimated the repeal would save families $515 annually.

Peabody Energy CEO Gregory Boyce hailed Australia as a “modern world” example for other countries to follow. In particular, “we encourage U.S. policymakers to take the same path,” he added, citing Washington’s carbon capture and tax emphasis. “Technology is the key to improvement in emissions;” the fuel remains America’s cheapest source of electricity.