Prof Ross Garnaut has just released his final 2011 review report, where he outlined the case for and the design of a price on carbon.
It's a hefty tome, but many of the basic details are the same as we reported on a few months ago.
1) Australia has an obligation to reduce its emissions along with other developed countries, with the proposed carbon price not committing us to more action that most other countries are taking.
2) A price on carbon is the cheapest most effective way to reduce emissions.
3) Garnaut recommends starting with a fixed price (the carbon tax) of between $20-30 a tonne before moving to a floating price (an emission trading scheme) several years later.
4) Lower and middle income earners should be compensated primarily through tax cuts by raising the tax free threshold. Other money raised by the tax will go to trade exposed industry, carbon farming and innovation.
For some expert analysis, Prof John Quiggin is blogging the chapters as he reads them and providing some commentary too. Recommended if you want more information but don't want to read the whole report or summary report.