"The safeguard mechanism requires Australia’s largest greenhouse gas emitters to keep their net emissions below an emissions limit [a baseline]," says Energy Minister Angus Taylor's department.
But there's a reason why even the Business Council thinks the safeguard mechanism in its current form is rubbish and needs to be significantly overhauled. And Labor agrees. It is willing to risk a scare campaign from Scott Morrison and his Liberal "moderates" in proposing to implement the BCA's recommendations.
It's because the mechanism does nothing but safeguard the right of big emitters to increase their emissions well above any "baseline".