Henry Ergas writes in the Australian:
THE carbon tax, it seems, is a good policy that has lost its way. Thank goodness Kevin Rudd is there to set it straight. But far from putting it back on track, he has merely confirmed that under Labor, climate change policy is determined not by rules but by roulette, with the ruler du jour spinning the wheel and choosing the outcome.
How investors can have any confidence in whatever mechanism Rudd announces next is therefore a mystery worthy of Sherlock Holmes. And adding to the mystery, it is entirely uncertain what remains of the commitments Rudd gave at Copenhagen and which were subsequently detailed at Cancun. Are those commitments being abandoned? If not, how will they be met?