Adani’s ‘easy funding’
Could Future Fund be used to finance the new mine?
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.