That figure not correct, especially if the fudges taken out it was a deficit….the 12 billion was more like how much out their estimate of their new Royalty rip off would take in!
Story was the boffins, and certainly not the treasurer, didn’t realise coal sold in $US and done figures in $Oz per tonne…as in someone gave an estimate of 100 bucks a tonne and modelled on that instead of $140 odd….might also explain why the level it kicked in at was not raised to reflect an increase in mining costs since last review 9 years ago!!
I had also heard they might not have realised the huge likely premium steel making coal would normally bring, and the fact it is the largest share of exports! Sure a period of high prices existed for a while, but all in all they had nfi!
If you think, surely the boffins in Brisbane are not that ignorant, don’t you believe it! Most of the good ones left to get big bickies working as consultants etc to the miners, on the boards of miners, or even set up their own mining companies!
