Rather, the Government must go back to the drawing board and design this thing properly - especially as it's legislation designed to bring about the biggest structural changes in Australia’s history.

“I strongly caution industry that the Senate is no place to try to turn a sow’s ear into a silk purse," he says.

“I have listened to evidence presented to the Senate Climate Policy Committee for three long weeks," he says.

"It is clear, beyond any doubt, that Mr Rudd and his Government have failed miserably in designing an ETS.

“The primary industries will be hit particularly hard, with farming families in the dairy and beef and sheep meat industries having to deal with income losses in the first year of the scheme of up to $60 million, $45m and $17m respectively.

“Our export markets will evaporate and imports will stream across our borders.

"Australia’s manufacturing facilities will become distribution centres.

“Reserve Bank director and Bluescope Steel Chairman, Graham Kraehe, has warned the Government’s scheme is a bigger economic threat than the greatest recession to hit this country in three-quarters of a century.

“Mr Rudd has failed to deliver his election promise of no trade disadvantage arising from implementation of an ETS.

"Our leading economists tell us he has failed. Our leading companies tell us he has failed.

“It is very hard to imagine circumstances under which the Nationals would support amendments.

"The Government must go back to the drawing board and design this thing properly.

“The scale of destruction of Rudd’s scheme is far too dangerous to be resolved through another round of policy on the run.”