Surely eagle, the nats will be really bailing out foreign enterprise, in the regions?The supreme irony of this grotesque grab for coal and gas donations is that it would transfer billions to the Chinese. What does China control in the resources sector?
The gigantic coal port, Port of Newcastle, Yancoal Australia, coal miner CITIC Australia, gas pipelines operator Jemena and Alinta Energy, to name a few.
There are many more, and many more besides financed by banks such as Bank of China which will need to be bailed out when the music stops in the fossil fuels sector.
Chairman of the Energy Security Board, Kerry Schott, said the other day that coal power would be gone from Australia by the mid-2030s. But instead of letting financial markets do their thing, Deputy Prime Minister Joyce, Resources Minister Pitt and of course Nats senator Matt Canavan are keen to hop to the rescue of foreign corporations with their proposed $250bn “loan facility”.
Why should Australians prop up foreign fossil fuel corporations? Should not old-fashioned capitalism prevail? “Bugger off,” Matt Canavan told the Fin Review.
Their slush fund proposal would not merely bail out the Chinese, it would rescue a host of other multinational corporations too, almost all of which deploy tax haven structures to eliminate their tax contribution to Australia.
Much of the subsidies proposed by Bā nà bǐ Joyce, Li Jing Pitt and Mǎ Xiū Canavan go to the likes infamous global tax cheat Glencore, US oil giant Exxon, the Anglo-Dutch Shell, the biggest coal company in the US, Peabody Coal and the Queensland gas frackers such as BG International.
Already, most of the companies mentioned above are spectacular freeloaders. Gas giant Jemena, 60% owned by State Grid of China, is in a long-standing stoush with the Tax Office, Yancoal pays zero. So do Peabody, CITIC and fracker BG.
https://www.michaelwest.com.au/reds-under-bed-barnaby-and-keiths-plot-for-australia-to-subsidise-china/
" Just tell me where the brown paper bag full of money is, and Ill do your bidding."
Eagle, is it really about the jobs, or political extinction ?
Raider
