Prime Minister Tony Abbott is about to release draft laws to repeal the carbon tax and he vows it will be the first bill to be considered by the new parliament.
Mr Abbott says the draft will be on the federal government's website at 4pm (AEDT) on Tuesday.
"This legislation will be the first bill considered by the new parliament," he told reporters in Canberra.
"It is a bill designed to not only keep the government's commitments but to do the right thing by the people of Australia."
Mr Abbott said when the legislation passed, households would be up to $550 a year better off.
The government estimated power prices would fall by nine per cent and gas prices by seven per cent.
"That means that the average power bill will be $200 a year lower, and the average gas bill will be $70 a year lower," the prime minister said.