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.
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.