And what about that major Australian export: coal??
HA!
CIA WORLD FACTBOOK, AUSTRALIA:
Exports commodities: Coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment
Exports partners: Japan 19.6%, China 12.3%, South Korea 7.5%, US 6.2%, India 5.5%, NZ 5.5%, UK 5% (2006)
The people who buy and use the coal are the ones who will be penalized, not Australia.