Sure the theory is that as of July 1, 2014 the carbon tax will no longer apply. 

As far as individual households are concerned, people can expect their electricity and gas bills to drop. 

And they can also expect refunds on any utility bills received prior to the senate decision to repeal the tax.

That seems straight forward enough.

However, there are so many more products that also incurred the carbon tax when it was introduced in on July 1, 2012.

An Australian Industry Group survey conducted of some 485 businesses in January 2013, six months after the introduction of the carbon tax, found that business operators estimated the tax increased their energy costs by an average of 14.5 per cent with the construction industry hardest hit with estimated cost increases of 14.8 per cent, followed by manufacturing at 14.5 per cent and the service sector at 13.6 per cent.

The question now is, will the people of Australia experience a similar drop in costs in these areas?

A drop in the cost of construction, manufacturing and service sectors - if passed on - would equate to a boost in consumer confidence. 

The Australian Competition and Consumer Commission (ACCC) has been allocated $10 million over three years to monitor prices before and after the carbon tax, and to make sure savings are passed on to consumers.

But the ultimate proof depends on the final impact to the family budget. 

Meanwhile, these savings have come at an environmental cost.

We are the only country so far to back out of imposing a carbon tax, a concept that ultimately encouraged a more environmentally conscious way of life. 

You may reverse a tax, but environmental damage can be irreversible.