Unfortunately, Malcolm Turnbull (the leader of the opposition in Australia) also supports emissions legislation. He just wants to put off passing it until after the Copenhagen meeting. Also, the opposition has some sensible members who have already stated that they would not support it in any circumstances. However, if just a few of them did so, the legislation would pass so we’re not out of the woods yet.
Turnbull does support emissions trading in general, yes, and there’s other Liberals who do as well - but not that many in the Senate and those that are there would still rather block Rudd than pass an emissions trading bill at the moment.
A compromise bill may pass at some point, if for no other reason, than to avoid giving Rudd a double dissolution trigger - but it’ll be watered down in comparison to current proposals.