Michael Baume in the Spectator AUST today (extract):
‘…For the natural gas industry, these concerns have an immediacy. After six years of frustration, Woodside, which has been subjected to years of costly delays from unsuccessful but effective activist lawfare, now faces a further hiatus. It cannot commence work on the WA government-approved extension of its 40-year-old north-west LNG project while awaiting a politically motivated deferred federal government approval process.
All this is against a backdrop of last December’s warnings from the federal government’s chief economist of the prospect of declining earnings for the resources and energy exports that have made up more than three-quarters of Australia’s total merchandise trade exports of $560 billion a year. The warning significantly targeted the big ticket items like iron ore, coal and LNG, with the notable exception being gold. This always glitters in uncertain economic times, lifting its earnings to $35 billion…..
……
So Australia faces a diminishing capacity to depend on its traditional mineral resources for its prosperity as key industry players focus on overseas while retirement fund managers prefer to finance foreign enterprises.
In marking the beginning of the second quarter of the 21st century, the year 2025 has formally begun Australia’s next 25 years as we blunder towards 2050’s net-zero target that, with climate hysteria and an anti-business governmental mindset, is playing such a key role in our inevitable decline.’
WDS Price at posting:
$22.62 Sentiment: Buy Disclosure: Held
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