Australia: Winds change on global warming | The Daily Telegraph

...In other words, without an agreement at Copenhagen the Treasury modelling is just horse feathers.

And, in case you missed the point, Ridout reinforced it: "The modelling points to very substantial adjustments ahead for the Australian economy and it serves to highlight the potentially damaging impacts on businesses and employees of moving too fast and too far ahead of the rest of the world''.

Which is exactly Turnbull's argument for delaying any ETS in light of the global financial crisis.
Opposition spokesman Andrew Robb was much more direct than Ridout.

"I suspect the Government is hiding the truth - withholding the real impact of the biggest financial meltdown since the Great Depression, to help them blunt growing apprehension about their rush to impose their emissions trading scheme,'' Robb said.