FICTION: Government withdraws $4.4 billion dollar Adani mine subsidy

Queensland Premier Annastacia Palaszczuk

Acting on a report by the Institute of Energy Economics and Financial Analysis, the government has withdrawn support for Queensland’s troubled Adani mine, which was expected to cost tax payers $4.4 billion – moving that investment to renewable energy projects instead.

Admitting there were good reasons for exploring the Adani mine project, Queensland Premier Annastacia Palaszczuk says, “We needed to do our due diligence, particularly given the potential for local job creation and royalties to the state government.

“However, under the best case scenario, Adani would only start paying dividends after 10 years and the job numbers were minimal when measured against the potential environmental degradation, loss of water sources and, at a global level, the ongoing use of thermal coal as an energy source.”

The report found Adani was only ‘viable’ over its 30-year project life if it was able to benefit from public handouts, subsidies, favourable deals and tax concessions – all Australian taxpayer-funded arrangements that collectively would total almost $4.4 billion.