If I fail PhD, what is the appropriate way to present myself in CV for jobs in industry? I am in a terrible situation. My two supervisors said that my thesis (about to be submitted) is borderline because I do not have any published paper (two submissions only). It is because I tried hard to submit A/A* journal. 

My program does not need the paper though, but it sorts of culture and expectation in Computer sciences where everyone normally has a published paper. 

I did think about quitting before or resorting to a Master, but I cannot do that anymore because I am in my third year in an Australian uni.  

Edit: Got a job that is willing to pay me a Ph.D. salary before having my Ph.D. result. In my CV, I did mention that I had submitted my thesis, but not know the result yet. And yes, they asked why I move to industry? The reason was that I want to acquire industrial experiences which will be more challenging that can result in real-world contribution.
You can put "admitted to candidacy" or "all but dissertation" or something like that in your CV.

In the the interview, you can say that you got a lot out of your studies, but that you've realized that the academic life is not for you.  Be prepared to give one reason if necessary, and choose something as a reason that makes you look sympathetic, for example, "I found out I like working on real world problems, more than on theoretical problems that have no connection to the way people actually interact with computers."  I made that up -- it's just an example to give you an idea how it's possible to present oneself in a positive light.

Don't let them get the idea that you were extremely close to defending when you decided to leave, or that you failed the defense.  Let them think that you broke up with your department, not that your department broke up with you.

But take the high road when speaking of your department.  In other words, don't wash any dirty laundry in public.  Don't say anything negative about the department or anyone in it.  If they press you for more information, just go into broken record mode.

The easiest way to pull all of this off is to imagine that a year or two have gone by since you left the program, and you're talking to them about something that was a minor headline in last year's newspaper.