Showing your lack of knowledge in this area.We export it, always...

Showing your lack of knowledge in this area.

We export it, always have, Australia has always used almost none of the coal we mine, it’s our second biggest export and one of the largest contributors to tax in this country. The moment an entity like YAL is taken over by a foreign company they debt load the acquisition to the limit of thin capitalisation rules. This then in turn reduces tax revenue to the people of Australia through interest loading via an internal treasury function offshore charging high interest rates on the debt loaded acquisition price. Value is then shift offshore to lower tax jurisdictions. To add to this dividends paid go to China, not Australian shareholders, that’s capital taken out of the Australian economy. Ie spending or further CAPEX removed from our country which currently stays here and is often spent here. Then let’s also talk about the loss of a strategic asset and processing methodologies to China.

So enlighten me as to why this is good? Think beyond selling a few hundred million in TWE wines to China, it’s nothing compared to mining. Peanuts compared to mining. China would NEVER I repeat NEVER allow any country to own those coal mines if it were in their country.