LINKING the carbon price to overseas markets could see Europe setting the rate of Australia's carbon tax, a parliamentary inquiry has heard.
The coalition has also raised doubts about the integrity of the European Union's emissions trading scheme (EU ETS), citing claims of fraud and manipulation within the scheme.
A package of bills tying Australia's carbon pricing mechanism to the EU ETS passed the House of Representatives earlier this month.
As well as linking the schemes, the legislation dumps a $15 floor price that would have applied once the carbon price moved to a floating market-based mechanism in 2015.
A parliamentary inquiry was held into the bills, and the report was tabled in the Senate on Monday.
Coalition senators urged the Senate to oppose the bills, warning linking the schemes would see the EU set the level of Australia's carbon tax.
The inquiry heard that under certain circumstances, Australia's carbon price could spike if the EU adopted a more ambitious target, restricted permits or if the Australian dollar waned against the euro.
Coalition senators also raised concerns about integrity issues surrounding the EU ETS, and claims it could expose Australian industry to risk.
The committee said there was no denying some business and industry groups believed Australia would be "surrendering" control over the carbon tax to the EU, which had faced its share of criticisms.
But it concluded there was "strong countervailing evidence" to suggest the EU ETS was robust and that Australia could enforce tough financial regulation.
The committee urged the Senate to pass the bills, arguing that linking the schemes would help Australia forge ties with emerging Asian markets and reduce emissions at the least cost.
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