Target $9.36, page-2433

On the Federal front, now that Albo's in, he's showing his true colours as pro-industry and pro-resources, the Teals who got him elected have been cast aside and the Greens are already bleating about his approval of new oil and permits etc.

On the state front, NSW seems to be well aware that taxing the coal miners is a bad idea. As long as Perrotet is in I don't have too much worry on that front.

Ironically, for Qld Labor it's not even politically easy revenue, remember it was coal in Qld that lost Shorten the unloseable election in 2019. Qlders are quite protective of their mining industry and most of the swing seats that can make or break a Labor government are in the mining regions.

Labor in Qld has just got themselves in an impossible position, they have spent like drunken sailors and covered up their mismanagement by bloating the public service to make the unemployment rate look good. To do so they've taken on masses of debt which they need to pay back, hence the coal royalty hike which will kill the goose that laid the golden egg.

But on the whole that's good for WHC. Winchester probably wasn't really likely to get up anyway, and in the meantime coalers like BMA are announcing they aren't putting any more money into Qld due the royalty hike. So that will accelerate the decline of coal mining in Qld and leave more demand for WHC's coal out of the Gunnedah Basin. Even in the best case scenario where the royalty rate gets normalised to something more reasonable, or Labor get voted out and the LNP reverse it, there will be several years of delayed investment in Qld coal which they won't be able to quickly make up.