Australia Unveils Carbon Tax Scheme for Its 500 Worst Polluters

The Australian government announces plans to impose a carbon tax on its 500 worst polluters. This paves the way to adopt the largest emissions-trading scheme outside of Europe.

Australia unveiled plans on Sunday to hit its worst polluters with a carbon tax in the nation's most sweeping economic reform in decades. This smoothes the way for the largest emissions-trade scheme outside Europe with tax cuts for voters and sweeteners for industry.