While it is still unknown exactly what the package contains, the Coalition's shadow cabinet meeting has just given its approval to the ETS deal and is currently presenting it to a full joint partyroom meeting which will ultimately decide how the party votes when the legislation is presented in the Senate later this week.

The Coalition leader's chief negotiator with the Government, Ian Macfarlane, told reporters in Canberra this morning that he was very pleased with deal and described the negotiated package as "exceptional".

The Opposition has just received formal details of the package from Minister for Climate Change, Penny Wong.

Opposition MPs will gather for a joint party meeting this morning, which has been tipped to run for up to four hours to allow time for members to debate the deal and decide whether to accept or reject the offer from the Government.

It's the biggest test of leadership faced by Malcolm Turnbull. It has been rumoured that a leadership spill could also take place inside today's joint party meeting because there are still many in the Liberal and National parties who either don't believe with the position to negotiate with the Government, or want to vote on a deal before the climate negotiations in Copenhagen, or want an emissions trading bill in any form.

Sources however say Mr Turnbull will need up to 70pc of the joint party support vote on the deal for his position to be tenable, and it’s believed that despite the Liberal turmoil he still has that level of support.

Regular updates on the situation in Canberra will be posted on FarmOnline sites throughout the day.