PM's Emission Trading Task Group - report out midday today

I've just been informed that the report will be posted on the Task Group's website at midday today.

Today's Sydney Morning Herald has a brief summary and the recommendations are a little disappointing (if not surprising). The good point is that it recommends a domestic cap-and-trade system (with fees for exceeding permit requirements - which makes it more like a hybrid cap-and-trade / carbon tax).

Other features of the report according to the SMH:

• The scheme "must not overtly harm the economy" (so it will be restricted to measures that covertly harm the economy??)
• too early to set a target until more modelling has been done
• would not be introduced until at least 2012
• revenue from the scheme should be used to support low emission technologies
• no mandatory renewable energy target.

The Canberra Times has a slightly better summary and Peter Martin has a good piece on the economics.

I'll try and put up a summary of the main recommendations shortly after midday...