Albo’s apocalyptic 800% energy shock runs unabated:
Business has had just a small taste of the forthcoming doubling in utility bills and is already vomiting:
Almost one in two employers say the east-coast energy crisis is having an impact on their business, according to a new survey.
It also reveals most companies struggle to understand the complex power market.
Soaring energy prices and recent supply threats affected every transport and warehousing company surveyed by the Victorian Chamber of Commerce and Industry, as well as 80 per cent of accommodation and food services.
Overall, 57 per cent of VECCI members surveyed were highly concerned about rising electricity prices, while 42 per cent were highly concerned about skyrocketing gas charges.
Almost a third of employers said they expected to make changes to planned investments in the next two months due to energy constraints, including all transport businesses involved in the research and 40 per cent of construction companies.
This is after just one 10-20% quarterly price rise. The forthcoming 100% will arrive in quarterly increments like clockwork. And the numbers of unhappy businesses will rise to 100%. Plus 100% of pissed-off households.
All except for a cock-a-whoop Glencore and company:
Australia’s largest coal miner, Glencore, says trade figures showing the fossil fuel eclipsed iron ore in May as the nation’s most valuable export underline its continuing importance in energy security, industry and the broader global economy.
In a sign of coal’s enduring near-term demand despite accelerating global action on emissions, data from the Australian Bureau of Statistics revealed earnings from coal shipments jumped to $14.7 billion during May, surpassing iron ore for the first time in 13 years.
Swiss commodities trading giant Glencore, which operates prominent coal mines in New South Wales and Queensland, said it was “proud” of coal’s economic contribution.
If there is a more evil firm on the face of the earth than GLEN then I’m yet to hear of it. Built on the arbitrage of sanctions, coal king, and now war-profiteer to boot.
GLEN is also diametrically wrong about its contribution to the economy. The coal export revenue is offset by the $50bn jump in local energy prices. Money that goes almost entirely offshore.
By refusing to dislocate local coal and gas prices from global, even though they are dug up virtually free down the road, a quavering Albo has turned historic coal export revenue into an enormous income suckhole.
This is patently insane. We must install export levies, super profits taxes or domestic reservation for both coal and gas. These prices are not going to fall, even in a global recession.
As the RBA chases the energy shock it can’t affect, Australian living standards will crumble as miners make out like bandits.
