Downside?, page-37

We've seen it already with the Qld royalty hike, national price cap, NSW reservation policy and Fed rejections of coal mine approvals. Upcoming I think there is a real possibility we get a change to NSW coal royalties but other than that I don't see WHC in much further danger of government intervention. Particularly for us as our product is for international trade and shouldn't be caught up in any further efforts to make domestic energy cheaper/more reliable.

I tend to believe Australian governments won't go crazy - they know commodities provide rivers of gold for their ailing budgets - they aren't going to go shutting down coal production for that reason alone, not to mention the pressure from trading partners like Japan. It's possible they want more in the coffers but the Feds have ruled out a super profits tax - although our oil and gas cousins appear to be in the crosshairs. This may change when (and if) they embark on a broad tax review/change likely prior to the election for a second parliamentary term.

Others may take a different view.