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 kind 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 coalmine 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 Daid 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.