Up in smoke: what did taxpayers get for their $2bn emissions fund?

Before the latest auction figures, Adam Morton investigates the plan Turnbull once called 'a recipe for fiscal recklessness'

At some point in June, the Australian government will announce it has spent up to $2.3bn over three years on a scheme that the prime minister believes is a reckless waste of public money.

Related: Land-clearing wipes out $1bn taxpayer-funded emissions gains