Coal is a dying industry, but luckily for the Australian economy, the rest of the world is not as smart as The Australian Greens and Labor Party and they are still buying it.
Coal is set to regain its spot as the nation’s biggest export earner amid higher prices and surging demand from Asia, sparking fresh calls from the Turnbull government for Labor to end its “war on coal”.
The Department of Industry, Innovation and Science figures show total coal exports are forecast to reach $58.1 billion in 2018-19, overtaking iron ore ($57.7bn) for the first time in almost a decade.
We’ve only got 300 years of these kinds of coal profits to go.
The big question, do we open up more coal mines now and rake in the dough, or try to make the weather nicer in one thousand years time? Tricky…
Resources Minister Matthew Canavan said new export forecasts strengthened the investment case for Adani’s proposed $16.5 billion Carmichael Coal Mine and the development of Queensland’s Galilee Basin, which federal Labor has opposed.
“Opening up the Galilee would generate 16,000 direct mining jobs and tens of billions in taxes.”
What do Australia’s big four banks do — ask Greenpeace for investment advice:
In 2015, the National Australia Bank and Commonwealth bank announced they were refusing to finance Adani’s Carmichael Coal Mine. Then the ANZ agreed, and finally, Westpac jumped on the anti-coal bandwagon too.
Apparently, “Australian coal is an unbankable deposit”, at least according to David Holmes, Senior Lecturer, Communications and Media Studies. But what would he know? About as much as our four biggest bankers.
So none of our big banks would finance a major project in our largest export industry.
Screwed nation.
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Australia has flip flopped three times on the climate change fraud. They had a government that brought into it. Then was replaced by one lead by skeptics. Now they are back to going for the fraud with the resulting harm to the country. I have no crystal ball but my guess is the voters will flip flop again and put skeptics in power. Then coal will be a major source of energy for Australia.
Sorry David but you don’t have much knowledge of the Australian parliamentary system mate. It is nothing like the US system.
We had a Labor government in coalition with the Greens followed by a Liberal (conservative) government with a semi-sceptic prime minister who was hamstrung in his anti-climate BS efforts by a hostile senate. He was back-stabbed half way through his term by a rival cabal of global warmists who installed a greenie prime minister and have been in charge ever since. The voters had zero say in the whole affair.
There is currently a minor rebellion taking place in the conservative party over the price and reliability of power and the lack of more coal power stations. Both major parties are officially pushing windmills and solar. Voters have virtually no choice. There is no Trump on our horizon and until the country implodes and people can see they have been lied to, the status quo will continue.
Much of America’s thermal coal exports to Asia are loaded on boats at Burnaby, BC. What if Canada put tariffs on thermal coal imports? It could happen, Donald.