Adani’s ‘easy fund­ing’

Could Fu­ture Fund be used to finance the new mine?

Whitsunday Times - - LOCAL NEWS - – ARM NEWS­DESK

A FI­NAN­CIAL think tank wants the Fed­eral Gov­ern­ment to clar­ify whether the Fu­ture Fund will be used to help sub­sidise the Adani Carmichael mine.

Re­searcher Mar­ket Forces made the call af­ter In­dian me­dia out­lets re­ported that their coun­try’s Finance Min­is­ter, Arun Jait­ley, would ask Fu­ture Fund boss Peter Costello for “easy fund­ing” dur­ing a meet­ing this week.

The Fed­eral Gov­ern­ment de­posits money into the fund and that is in turn in­vested in a range of ar­eas so the Com­mon­wealth has enough money to meet its pub­lic ser­vice su­per­an­nu­a­tion li­a­bil­i­ties.

The fund is worth about $117.83 bil­lion.

Mar­ket Forces ex­ec­u­tive di­rec­tor Julien Vin­cent on Mon­day called for the Fed­eral Gov­ern­ment to rule out any Adani sub­sidy com­ing from the fund.

“Over a dozen banks world­wide have ei­ther backed away from the en­vi­ron­men­tally dis­as­trous Car- michael mega coal mine, ruled out fund­ing for it, or dis­missed it as fi­nan­cially un­vi­able,” Mr Vin­cent said.

“Does Prime Min­is­ter Turn­bull re­ally want to take a pro­posal to the elec­tion that Aus­tralian tax­pay­ers sub­sidise a con­tro­ver­sial mine la­belled ‘un­likely to stack up’ by the Queens­land Trea­sury and which would re­sult in ship­ping coal through an al­ready-bleach­ing Great Bar­rier Reef?”

Adani has been mired in en­vi­ron­men­tal con­tro­versy for years over its $16 bil­lion Carmichael coalmine.

Af­ter sev­eral le­gal de­lays, the In­dian en­ergy giant could soon re­ceive a min­ing lease from the Queens­land Gov­ern­ment.

Trea­surer Scott Mor­ri­son’s of­fice did not re­spond to ARM News­desk’s re­quest for com­ment in time for pub­li­ca­tion.

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