The law will now go to the Senate, where it is expected to pass with ease as the ruling coalition holds a comfortable majority. The law calls for the implementation of a carbon tax of AU$ 23 on the country’s 500 biggest polluters from July 2012, which then in July 2015 will develop into a trading scheme with a floating price. When this happens, participants are allowed to use CERs for compliance to an amount equal to 50% of their compliance needs.
