I was in Victoria when the ETS for Australia was announced (well the discussion papers). It's fairly funny, that replacing the world's worst plants even with other coal plants (Hazelwood is the world's worst), with Chineese brown coal plant technology, would reduce emissions by 30% to 40% (by just drying out the brown coal). It's still very poluting but it just shows how far behind Australia is. This has lead to greater compensation to Victorian polluters (which is just mad). At the same time Queensland is creating another coal port because we can't export the carbon fast enough.
The exclusions were annoying (aluminium, cement and some types of steel). Cement is annoying (5% of all CO2 apparently) as there exists green alternative technologies. The time is to invest not compensate.