The Palmer United Party stood in the way of the Coalition government's efforts to scrap the tax last week, claiming that the amendment had not been circulated to senators.

Palmer then called for a requirement to be included that would ensure that companies pass on all savings by July next year or face a fine equivalent to 250% of what they've saved.

Environment minister Greg Hunt reintroduced the legislation to the House of Representatives on Monday.

He said that he was "very hopeful and expectant" that the legislation would go through the Senate this week.

While Palmer has thrown his support behind the repeal, he also told parliament that his party would move later this week to set up the framework of an emissions trading scheme.

However, he said that this would only come into effect when Australia's major trading partners have an ETS in place.

"Our senators plan to move in the Senate an ETS dependant upon our trading partners also acting in that regard," Palmer said.