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May 6, 2021

Claims that Adani will not cost taxpayers debunked by new report

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Paul Bibby

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The briefing note from the Institute for Energy Economics and Financial Analysis (IEEFA) estimates that the multinational will receive $4.4 billion in tax exemptions, deferrals and capital subsidies over the next three decades.

The subsidies are required because Adani has been unable to secure capital for the project from anywhere in the world.

The author of the report, IEEFA’s Tim Buckley, said the money could instead have been used to assist the transition from coal to sustainable energy alternatives by helping workers in regional communities secure long-term employment.

‘The Federal and Queensland governments have repeatedly stated the Adani mine is commercially viable and able to stand on its own two feet – while at the same time providing Adani with billions of taxpayer dollar in subsidies,’ Mr Buckley said.

‘IEEFA has concluded the Adani coal mine would not open nor survive without billions of dollars in ongoing subsidies being provided by the Queensland and Australian governments over the coming three decades.

‘Our governments’ massive subsidies should instead be funnelled into projects that help prepare and transition Australia’s regional communities, and those which are likely to generate corporate taxes for Australia.’

The briefing note reviews a number of subsidies and exemptions being awarded to Adani, including a 900 million dollar, seven-year low interest royalty capital subsidy provided by the Queensland government.

The deal, which has been subject to repeated extensions, would ensure no royalty return from the Carmichael mine into the Queensland community for a decade.

According to Mr Buckley, ‘The review also included the fuel tax credit scheme, 22 billion litres of water annually, a 90km private road (Adani claims we are wrong on this one), final void rehabilitation exemptions, and corporate tax shields.’

‘That Australian taxpayers have to shoulder high and increasing personal taxes at a time when the predominantly foreign-owned coal industry is continuing to access a billion-dollar annual diesel fuel subsidy is simply wrong.

‘IEEFA would contend the coal industry should be weaned off this diesel rebate. Fifty years of subsidies should be long enough for this sector to get to viability absent taxpayer support’, Mr Buckley said.


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8 COMMENTS

  1. Debunked… why not. Why aren’t so many of us not
    surprised. The criminality of it all backed by smiling
    premiers, an untidy toad fed. government along
    with a useless opposition? I’m about to take up a
    new religion. Seriously… it’s Hell here on earth &
    getting warmer by the second: robber barons
    applauded. May the lot of them swallow diesel
    rebates & feast on the famine of their own making.
    Lest we forget.

  2. I may not see it but the greed that manipulates politicians into making the decisions that will have cruel outcomes for the innocent in the near future is bewildering to me.
    How is it possible that these people get elected?
    Easy when the truth rarely reaches us.

  3. Unfortunately greed is the only currency acceptable to our politicians. Greed for votes. The fact that 84% of Aussies disagree or are very doubtful about Adani yet it still goes ahead is just plainly immoral. And don’t get me started on the grand theft of our precious water resources by these coal mines.
    Historically humans have always adapted. Maybe the farriers of past times had to reeducate themselves and learn to change tyres. Miners may have to actually accept that they have a responsibility to retrain themselves, forgo their jet ski lifestyles and help us all survive.
    I read where the Galilee Basin coal extraction would in itself alone raise global temperatures 2 degrees if put on the world market. How do you feel about that citizens of Adani country ?
    We get the politicians we deserve, So they say, and the numbskulls of Adani country saw to that.
    Don’t holiday in Qeensland.

  4. Adani is one of those fantastic “Can Do” projects Australia is famous for. Providing Australian Jobs, State Royalties, Federal Taxes and Export Income.
    Dont forget this project will provide reliable and cheap energy to India, energy security that we in Australia have taken for granted for decades. Congratulation Adani. We all look forward to a long and mutuall beneficial relationship.

    • Ras, what part of environmental vandalism and the existential threat of climate change have you not caught up with. You need to go and inform yourself on The Great Barrier Marine Park Authority recent report on the long term health outlook for The Great Barrier Reef where 64,000 jobs and $6.4billions pa at risk from the worsening health of The Reef. How many jobs with Adani – the only official number is 1464 admitted by Adani in 2015 in QLD Land and Environment Court when Adani was a proposed the 60million tonnes pa output. But now Adani is scaled down to 10-12 million tonnes pa. How many jobs ????? Royalties and taxes – you didn’t read the article about the $4.4billions in subsidies for Adani. India is already drowning in air pollution causing respiratory disorders and premature deaths and you think it all good that they keep the coal burners firing away. “Congratulations Adani”, you must be joking.

  5. Ah… give me a tin drum & a stick. I bolted out of QLD
    over 3 years back. Born there 74 years ago & know
    it inside out. Adani’s got Qld state government $$$ &
    3 decades of tax support in the billions from the Fed
    government. Energy for India can easily be any of the
    alternatives. This is a money-game, Ras. You can go
    & buy it in any toy shop for children – that way you
    may just help save the planet. Monopoly… it’s unjust
    manipulation.

  6. A P.S. So much for honesty & what’s good
    for Australia let alone its ‘first peoples’. The
    Qld Government has taken Title of the land
    of the Jangalingou & the Wangan Family
    Council. What will they do next. We can
    always give all Australian lands to Adani.
    The Opera House & Canberra for starters.

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