From the Canberra Times:
The Indian company that plans to develop Australia’s biggest coal mine has registered its interest in a taxpayer funded scheme to help build its infrastructure, a Senate estimates hearing has heard.
…The $5 billion scheme introduced in the May budget would be used to help infrastructure for large projects.
The new government had initially signalled the railway could be a candidate for finance from the scheme, but has since backed away from that suggestion.
…In a Senate estimates hearing on Wednesday, Treasury officials said they had met with representatives for Adani to discuss the scheme.
This does not appear to be new information, even so, please get some lessons in resource economics, Mr Frydencoal. This project adds nothing to the economy except large costs given:
- it is much more expensive than existing coal mines that are already going out of business so will accelerate their closure and only embed deeper losses and productivity pain in the sector;
- the thermal coal price is already going lower, another 60 million tonnes of subsidised boondoggle will make it even worse, and
- it threatens the rising tourism industry of QLD not to mention Australia’s reputation vis-a-vis climate change mitigation.
It is the wrong project, at the wrong time, by the wrong people in the wrong country.
