Well, I am not surprised that this scheme has been shelved. It was effectively a licence for big polluters to keep increasing emissions without any financial penalty.
I can see that Climate Change will continue to be an election issue in the up coming Australian federal election, and that this about face by Labor could quite definately do them damage. All talk, no action, and absolutely no legislation.
I am disappointed to say the least, but even more determined to seek a positive outcome for life on Earth.