The latest carbon auction was a bust. 

It attracted zero bids, becoming the eighth auction to be declined. 

The secondary market currently sits around $58 a tonne, while the auction price sits at $68. 

ACT’s Climate Change Spokesperson, Simon Court told Mike Hosking it shows that industrial emitters, such as coal users, already have enough units in the carbon bank to pay for this year's emissions. 

With the success of the secondary market, Court says it’s evidence the Emissions Trading Scheme and the carbon markets are working quite well. 

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