http://www.reuters.com/article/2012/.8C5D1220120105 To quote the Australian re China's token tax announcement - "there is little sign that the other largest carbon emitters will soon join it, and China's low starting carbon price will still see Australia out of step with global action on climate change." Julia's all over the crumbs like a fat kid on a cupcake of course. AGW alarmists are saying Toy Abbott just had the rug pulled out from under his dragging feet. I on the other hand concur with this nice, objective assessment, from the same article in The Australian "For Australia, the most worrying aspect of China's plan to price carbon is the suggested starting price of just $1.55 (10 yuan). Although it is expected to progressively increase, it is a fraction of Australia's starting price of $23 a tonne. The Minerals Council of Australia, among others, is right to be concerned that this high price, which also far exceeds prices in Europe and New Zealand, will hurt the competitiveness of Australian businesses. Although the government promises assistance to emissions-intensive industries, again the question is raised as to whether Australia is too far ahead of global action, placing our economy at risk with a scheme that imposes a heavy burden on some of our biggest industries."