The Queensland government’s massive coal royalty tax could push away Japanese investors and undermine the decades-long partnership between both countries, Japan’s ambassador to Australia has warned. The stark comments from Yamagami Shingo come after the Palaszcuk government announced it would introduce three extra tiers of taxes to the state’s mining royalty scheme. Going forward, from July 1,…
‘A Huge Shock’: Ambassador Warns Queensland’s Mining Tax Hike Could Deter New Japanese Investment
July 8, 2022
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Annastacia PalaszczukAsia & PacificAustraliaAustralia-Japan relationsAustralian coalBusiness & Marketscoal taxCompanieseconomic policiesInternationalJapanese companiesQueenslandWorld
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Queensland’s Mining Firms Boycott State’s Industry Plan Over ‘Exorbitant’ New Coal Taxes
July 4, 2022
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Anglo-Australian mining group BHPAnnastacia PalaszczukAustraliaAustralian coalBusiness & Marketsclimate changeminingWorld
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Queensland’s major mining bodies have rebuffed the state government’s launch of its industry plan in response to the state’s decision to hike coal taxes. Under the new royalty regime, which comes into effect from July 1, miners would need to pay more royalties (20 percent) on each tonne of coal sold for more than $175…
Australian Wholesale Electricity Prices More Than Doubled Over the Year
Australian households and businesses are faced with another cost of living pressure, with wholesale electricity prices revealed to have more than doubled over the last year. The Australian Energy Market Operator revealed in its latest quarterly energy dynamics report that electricity spot prices had soared 141 percent over the year to the 2022 March quarter…
Australian Coal Exports Forecasted to Break Records Amid Global Energy Scramble
April 5, 2022
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Australian coal exports are expected to surpass a record $100 billion (US$76 billion) for the 2021-22 financial year, according to the government’s latest Resources and Energy quarterly report. On the back of spiking demand and prices for both metallurgical and thermal coal, the value of Australian coal exports will peak at above $105 billion before…
Australian Coal Prices Jump Almost $100 in One Day as Countries Find Alternatives to Russian Coal
March 3, 2022
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The price of Australian thermal coal has skyrocketed by US$99, or 33 percent, in one day as countries traditionally reliant on Russian coal scramble to secure alternative sources. Newcastle coal, the benchmark for thermal coal in the Asia-Pacific region, ended at US$400 (A$549) per tonne on March 2 after peaking at US$446 per tonne during…
China Aims To Alleviate Energy Crunch With New US Natural Gas Deals
Amid soaring gas prices and domestic power shortages, China has signed three large-scale liquefied natural gas (LNG) deals with U.S. exporter Venture Global LNG to secure long-term supplies. For the past three years, China had imposed tariffs on U.S. natural gas due to the U.S.-China trade war. According to the United States Department of Energy,…
China Unloads Stranded Australian Coal to Address Energy Crisis as Prices Escalate Further
October 7, 2021
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Asia & PacificAustraliaAustralian coalBusiness & Economyccp economic coercionChinaChina-Australia RelationsEconomiesglobal energy crisisInternationalInternational Relationsjosh frydenbergLNGWorld
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Shipments of Australian coal that have been stranded in Chinese ports for months have finally been unloaded as China grapples with an energy crisis that has seen coal and gas prices surge to new peaks. A confluence of factors including the approaching winter months, the Chinese Communist Party’s (CCP) moves to reduce carbon emissions, COVID-19 restrictions,…
Deputy Prime Minister Sympathetic to Federal Government Funding Mining Industry
Barnaby Joyce is sympathetic to Resources Minister Keith Pitt’s call for the federal government to become a financier of last resort for mining. The Nationals remain locked in negotiations with the Liberals for a target of net zero emissions by 2050 weeks out from the COP26 climate summit in Glasgow. Pitt, a Nationals MP, has…
Australia to Profit From Global Energy Crunch as Coal Prices Surge
October 4, 2021
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Australia’s resource and energy exports are expected to bring in a record $349 billion (US$253 billion) in 2021-22, according to a new report by the Department of Industry, Science, Energy, and Resources. While iron ore export profits will fall amid crashing iron ore prices, surging demand for thermal and metallurgical coal will drive Australian resource…
Tesla a Bigger Financial Risk to Banks Than Climate Change: Prominent Economist
September 7, 2021
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Claims that climate change poses a “risk” to the coal industry are “ludicrous,” according to a leading U.S. economist, who has warned Australian members of Parliament not to allow overseas institutions to dictate the country’s development. John Cochrane, a senior fellow at the Hoover Institution at Stanford University and author of “Asset Pricing,” a widely…
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