Announcing what she described as “the most significant economic and structural reform undertaken in Australia since the trade liberalisation of the 1980s”, Climate Change Minister, Penny Wong, has outlined the timetable for the introduction of carbon emissions trading in Australia.

The timetable includes immediate consultation with business leading to a “green paper” on the scheme to be published in July. There will then be opportunities to suggest changes to the scheme prior to the release of a draft Bill in December. Senator Wong said that she expected the Bill would be passed by Parliament in mid-2009 and come into effect in 2010.