Cap and Trade Fails To Pass In Australia

According to Bloomberg:

Australia’s Senate rejected the government’s climate-change legislation, forcing Prime Minister Kevin Rudd to amend the bill or call an early election.

Senators voted 42 to 30 against the law, which included plans for a carbon trading system similar to one used in Europe. Australia, the world’s biggest coal exporter, was proposing to reduce greenhouse gases by between 5 percent and 15 percent of 2000 levels in the next decade.

Australia is the only developed country to my knowledge has not gone into recession during this economic crisis. Read about Australia's good economy here.

The Only Developed Country With A Decent Economy

The Australian economy unexpectly adds 32,200 jobs in July. Unemployment in Australia holds steady at 5.8%.

According to The Age of Melbourne, Australia:

The Australian dollar held fast above 84 US cents on Thursday after the jobs report for July showed a surprise jump in employment, fuelling speculation local interest rates may rise even before December.

The dollar bounced to a high of $US0.8462 after data showed employment rose by 32,200 in July, confounding expectations for a drop of 20,000. Unemployment was steady at 5.8 per cent.
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"Today's figures suggest that at worst Australia is experiencing the mildest of recessions," said Riki Polygenis, an analyst at ANZ.