The revamped CPRS legislation will establish a one-year fixed price period. Carbon permits will cost $10 per tonne of carbon in 2011-12, with the transition to full market trading from 1 July 2012.
So carbon trading gets turned into carbon taxing for the first year and the implementation gets delayed. Of course I’m cherry picking the good news.
The bottom line is that the coalition will support the go ahead for a carbon trading scheme. A new impost on the economy without any meaningful measures to provide offsetting tax cuts elsewhere.