How will this play out in Australia?

What Will Obama's Energy Bill Look Like Without Cap-and-Trade? - The Atlantic Business Channel

Interesting post here suggesting that Obama is going to abandon cap and trade for now (due to the impossibility of getting it through his Senate) and basically come up with a plan of incentives, just like Tony Abbott's plan.

How will this play out politically here? Abbott can claim that his plan is now like the US one. But, as the above article notes, every credible commentator believes that is a formula for achieving next to nothing.

It seems to me more and more likely that Rudd here should do a deal with the Greens that sets a low carbon price and leaves open future changes if ETS's do start taking off in enough other countries.

I suspect that if it was done quickly, it would deflect the "new tax" scare campaign of the Liberals by the time an election came around at the end of the year.