Wong defends delay to climate target | The Australian

There is speculation the government will announce a target between 5 and 15 per cent, well below the aggressive targets of betwen 25 and 40 per cent suggested by some climate scientists.

Dec '07: Australia "Electrifies" Bali Climate Conference — Sierra Club of BC

To hearty applause from delegates at the opening session of the United Nations Climate Change Conference in Bali today, Australia announced that its new government has ratified the Kyoto Protocol and accepted binding limits on its emission of greenhouse gases. The move ends Australia's isolation from most of the international community on climate change, but leaves the United States more isolated in its anti-Kyoto stance.
...
"My government will do everything in its power to help Australia meet its Kyoto Protocol obligations," Rudd said today. This will include setting a target to reduce emissions by 60 percent on 2000 levels by 2050 and establishing a national emissions trading scheme by 2010," Rudd said.