That was put in place last April and on January 1 all of Australia adopted a threshold of 200 micrograms per litre of urine and Racing Victoria last week gave notice to three of its outstanding trainers - Peter Moody, Mark Kavanagh and Danny O'Brien - that horses from their stables had breached that level.
New Zealand's chief steward Ross Neal appeared comfortable with New Zealand not having a cobalt threshold when we spoke to him.
"The harness racing charges that I'm aware of brought up readings in the thousands, not the hundreds, so when you get levels like that it's pretty obvious what's been happening."
Yes, but what if we get a 215 reading, or 210, for example in New Zealand? Is that open to discretion and possible defence?
A threshold level allows everyone to know where they stand.
It is believed the Moody/ Kavanagh/O'Brien readings were just above the threshold level.
Most veterinarians agree that 50 micrograms would be a usual reading in most racehorses of cobalt, which is a naturally occurring substance in humans and animals.
A leading vet in Australia last week declared that only one horse in a million would naturally produce a reading of 100 and beyond, which makes the 200 Australian threshold generous.
Cobalt is a heavy metal salt. It's benefits for a racehorse include tricking cells into believing they are deprived of oxygen. In large amounts, cobalt will then encourage the increased production of EPO, which increases red blood cells that carry more oxygen through the system.
Greater sustainability of effort results and, simplistically, it is similar to what drug cheats have used in international cycling.
In the 1950s, cobalt was used to treat anaemia in humans but its use was abandoned because of toxicity issues.
In large quantities, cobalt can have serious affects on a horse's health.
"It is a corrosive heavy metal," says Neal, "and serious harm [to
horses] has been shown in studies."
Australian racing is a multi-billion-dollar industry, an environment which will always encourage someone looking for an edge.
Does anyone out there really believe we have stamped out drug cheats in international cycling?
If you have your hand up check the colour of the sky in your world.
In my opinion, we haven't and never will.
Horse racing in this part of the world is nothing like that and cannot be allowed to get anywhere close.
A level playing field is an over-used term, but it perfectly fits what Australian and New Zealand stewards are trying to achieve here.
This current blowup could not be more high profile - Moody, O'Brien and Kavanagh are among Australia's most admired and respected trainers and the fallout will be as fascinating as it will be protracted.
Bailey is totally fearless as a steward as he showed when, in his first year on the job, he stepped on sacred ground by seriously questioning perhaps the world's greatest trainer Aidan O'Brien after forcing him back to Flemington when on his way to Tullamarine Airport and a return flight to Ireland. Bailey wanted to know why O'Brien's three Melbourne Cup horses had performed terribly.
O'Brien was unimpressed and has not been back to Australia in the half dozen or so years since, although he swears Bailey is not the reason.
Not everyone is convinced.
Bailey's single-handed insistence on a cobalt threshold deserves applause - it resulted in the Australia-wide blanket. That blanket needs to creep across the Tasman.
Trio face questioning
*Three top Melbourne horsemen have received official notice that horses in their care exceeded permissible cobalt levels.
*Cobalt encourages the increased production of EPO, which increases red blood cells that carry more oxygen through the system.
*Australia has a threshold of 200 micrograms per litre of urine. There is no limit here.
