After the drama and inordinate political cost of abandoning the CPRS, the Government has relied heavily on the Rudd-era scheme in its “Clean Energy Future” proposal that will become Australia’s carbon pricing regime from July 1, 2012.

The CEF hews closely to the CPRS in its mature stage of operation, directing most support to households but providing extraordinarily generous assistance to emissions intensive, trade-exposed industries for a scheme that, rather than being a new tax, which actually cost the Budget about a billion dollars a year in its initial period.