Yes, Australia does trade carbon credits. Recently, however the country decided to postpone its emissions trading plan, which could force the government to reconstruct climate policy and might lead to a support of a straight carbon tax to help curb emissions. The Prime Minister Kevin Rudd wants to pospone the plan until at least 2013 and would look at its options in late 2012.
According to the article I attached, Australia dumped the carbon trading idea. This was due to the fact that they considered its emissions-reduction targets too small. Check out the link for more information.
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