Greens Plan to Close Coal Industry Within 10 Years!

The Greens - Traitors to All Things Australian

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It is the Greens policy to close down the coal industry, mainly the coal mines and they also want to restrict or end other mining. But what does this really mean to Australia and our economy if this did happen.

The Australian reports that,

SHUTTING down the Australian coal industry would cost the economy between $29 billion and $36bn a year and have no effect on global carbon emission levels.

In a report commissioned by the Minerals Council of Australia, savages the Greens’ coal policy, saying the industry saved Australia from having three negative quarters of economic growth during the global financial crisis.
And they say coal exports continue to outperform other exports in the Australian economy, underpinning economic growth.

The report also warns that Australia’s share of the international export market in coal is falling and that Australia’s export growth in the commodity has failed to keep pace with that of competitors.

Source: The Australian | 4/July/2011

The Telegraph reports,

THE Greens’ plans to close down Australia’s coal industry within 10 years would cost the economy up to $36 billion a year.
A report, commissioned by the Minerals Council, also claims the plan would cost 200,000 jobs and deliver a direct hit in revenue to the federal budget of about $6 billion.

Source: The Telegraph | 4/July/2011

And a fantastic interview on the ABC’s Midday report with Mitch Hook the CEO of the Minerals Council of Australia, I strongly suggest watching the interview in full  as it is so good but have transcribed a timeline the highlights below.(29/June/2011)

Timeline highlighs of interview:

0:25 “….The Green’s real agenda, which is to introduce a tax on the industry that will tax it out of existence….“

1:15 “… (Mining) companies are investing 98% of the revenues their generating back here in Australia….”

1:29 Xstrata has invested $54billion, Rio Tinto has invested $37billion & BHP Billiton has invested $80billion in Australia

2:40 “in the decade to 2009 we Paid in excess of  $80billion in royalties and taxes…”

3:20 (Australia) we’ve only got 6% of the world’s coal reserves……and companies will invest where they can get the best returns…….”

3:45 “the numbers don’t add up when there are better alternatives in other countries”

Ending or reducing the coal & mining industry in Australia would clearly lead to economic ruin and still not change the climate or reduce the temperature of planet Earth.

By Adam at wakeup2thelies

Also see related story All jobs will be lost from the coal industry

Just what are these green idiots up to and how come so many good Australian people voted for them?