The carbon tax that would never be introduced "in the Government I lead" was set at $23 per ton.

Last year Greg Combet, the Minister for Snarls, triumphantly announced that a deal had been done with the EU linking our Emissions Trading Scheme to theirs. The price by 2015 would be around $29.

Today Deutsche Bank is getting out of carbon trading with the price at $3.45 and falling. Also one of their executives in charge of carbon trading has been charged with corruption.

In New Zealand, praised by the Greens and Labor for their progressive action on climate change, the price for carbon is just NZ$2.45 (or about A$2).

At $23 the carbon price was not going to significantly change our energy production. At $4 it is like every other Green scheme ever- dead in the water.

Tony Abbott will have good reason to dismantle the whole sorry mess when he is elected in September- or whenever.