Dead Mutton hates her: which means she’s okay, even if she is a Seppo from the NSW Right.
Well, I’m trying to unload some shares, so anything to push the market up is fine by me 
Dropping interest rates often causes a bump in the share market, I believe, and the cash rate has been dropped to 1.25% today.
They don’t drop interest rates when the economy is going well.
They have tried keeping rates low and dropping them 0.25% pa won’t mean a thing. If your investment strategy needs a 0.25% pa decrease in interest then the project doesn’t float to start with. Falling interest rates only takes away income from retirees.
Time to 1. increase all the government benefits by say a one off 5% increase (newstart, aged pensions, disability etc) and 2. increase the lowest marginal tax hurdle to say $25,000. We need to get money into the hands of those that will spend it straight away as well as providing some social justice.
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Good luck with that.
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So in the last 24 hours Deloitte come out with the truth that Adani is only going to have 100 jobs after construction and Telstra are axing 18,000 (local) jobs by 2022.
Thanks QLD yah gullible backwash nuffies
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Not to mention the other little fact.
The numbers on Adani simply don’t add up
David Fickling
6-7 minutes
Is the world’s most bitterly contested coal mine finally getting the go-ahead?
After Labor suffered heavy losses in coal-mining regions in Saturday’s Australian federal elections, the Carmichael project looks to be getting closer than ever to approval. In the view of the government’s resources minister Matt Canavan, the pit being developed by Adani, a unit of Indian billionaire Gautam Adani’s business empire, is all systems go.
Adani Group founder Gautam Adani. Credit:Andrew Meares
There’s a rarely discussed problem with this, though: The numbers on Carmichael don’t stack up – and haven’t for most of the past decade, despite the mine becoming a high-profile proxy for broader fights over fossil fuels among politicians, lobbyists and environmentalists. (An Adani spokeswoman said our assumptions were incorrect, but didn’t dispute any specific figures or provide alternative ones. ‘The Carmichael Project economics are strong and are projected to remain strong,’ she wrote.)
The most important factor in determining coal pricing is its energy content. In the case of Carmichael, we’ve known since Adani’s initial regulatory applications in 2010 that this is around 20.7 gigajoules or 4,950 kilocalories per kilogram.
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That’s roughly in line with the stuff sold by Indonesia’s PT Adaro Energy. At present, Adaro makes about $US66 of revenue per metric tonne of coal sold, a number pretty consistent with charts published in its investor materials. Put that together with the 10 million tons a year (mtpa) output from the first stage at Carmichael(4) and you have something like $US660 million of annual revenue.
Next, subtract the costs of blasting, shovelling, washing, blending and loading the coal. At BHP’s lean Mount Arthur mine north of Sydney, cash costs have averaged about $US48 over the past 18 months, toward the bottom end for Australian coal mines:
Adjusting that for the cost of transporting the coal to port on third-party networks comes to about $US50 a tonne of operating costs, or $US500 million for the whole project, enough to leave $US160 million of gross profit. (Adani in January estimated a figure of $US39 a tonne at port, which seems implausibly low.)
Then consider the cost of building the mine and a separate 200 kilometre railway line from Queensland’s Galilee Basin, where it’s situated. Comparable projects suggest about $1.8 billion for the mine, pretty much in line with figures of $2 billion cited in news reports. The railway would likely be another $1 billion, for a total $2.8 billion (US$1.9 billion) capital project.
To get an idea of what that would cost to fund with debt, look at bonds for Adani’s Abbot Point terminal, a coal export port in northern Queensland. They’re currently yielding 6.88 per cent, which would mean $US131 million a year of interest costs. On top of that you have to depreciate the asset and amortize the debt itself; let’s assume you depreciate over 30 years and amortise over 10 and the result is $US250 million.
Add all that together and Adani is losing $US220 million a year: It would cost about $US88 to produce a tonne of coal that would sell for $US66 on the open market. Those challenging numbers (rather than pressure from environmentalists) look like the best explanation for why banks have refused to lend to Carmichael. Adani has promised to fund the project from its own balance sheet.
Adani’s mine has become a lightning rod for environmental activists.Credit:AAP
All this raises the question of why everyone is so adamant that this project is going ahead.
For the Morrison government, the attractions are obvious: Carmichael is a potent wedge issue that may have just helped swing last weekend’s federal election in its favor. For environmentalists, too, the prospect of an operating Adani mine represents a totemic fundraising and rallying opportunity. The Labor party, meanwhile, can’t risk alienating the coal industry by declaring that this emperor has no clothes.
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What of Adani itself? We’ve speculated in the past that keeping the project on life support helps avoid a painful billion-dollar writedown; perhaps a sufficient level of taxpayer subsidy might be enough to salvage something from the wreckage.
The company has argued that coal market prices don’t matter because it intends to burn the product in its own generators. But that doesn’t sidestep basic economics: Adani has lost an aggregate 107 billion rupees ($2.23 billion) over the past decade, and would likely be doing even worse if it were buying overpriced coal from Carmichael.
And yet the belief that only environmentalists and obstructionist politicians are holding Carmichael back continues to shamble on. Comparable projects like Glencore’s Wandoan have been mothballed for years.
As we’ve argued, investors seem to be fleeing coal finance as the economics get increasingly challenging. Yet away from the spotlight, Carmichael-scale mines with higher-quality coal and access to existing infrastructure such as MACH Energy Australia’s Mount Pleasant and Whitehaven Coal’s Vickery are quietly coming online to replace production declines elsewhere.
That’s not why Carmichael is a lightning rod, though. Opening up a whole new coal basin like the Galilee represents a very different image for the future of coal than adding niche projects – suggesting coal power isn’t being “phased out, potentially sooner than expected” (as BHP suggested this week) but on the brink of a bright new future. Letting go of that pipe dream is proving remarkably painful.
Correction: A previous version of this story said it would cost about $US1.8 billion to build the Adani mine, and another $US1 billion to construct a railway related to it. The figures should have been in Australian dollars, and have been updated accordingly.
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And I don’t know if anyone saw the Media Watch story on this, and how ADANI rang the head of the ABC and had them pull an expose on this story from the AM program, … but fair dinkum, … these prickz are outrageous, and it’s quite clear it’s not OUR ABC anymore, … it’s the LIEberals ABC, … and they run it to their favour.
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Add in the Gov using the police to try and stamp out and pay back media intrusion into their secret dealings and you have a wonderful example of where this Gov wants to lead Australia.
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Anyway, forget Adani for a moment,… this country under this Gov is getting fkn scary, … As the AFP goes Full on STASI!!
Federal police raid home of News Corp journalist Annika Smethurst
Paul Karp
6-7 minutes
The Australian federal police have raided the home of News Corp Australia journalist Annika Smethurst investigating the publication of a leaked plan to allow government spying on Australians.
On Tuesday police executed a warrant investigating the “alleged publishing of information classified as an official secret” which they said had the potential to undermine Australia’s national security.
The warrant from an ACT magistrate gave police authority to search the home, computer and mobile phone of the News Corp Sunday titles’ political editor.
The raid prompted outrage from News Corp Australia, which labelled it a “dangerous act of intimidation” targeted at public interest reporting.
In April 2018 Smethurst reported that the heads of the defence and home affairs ministries had discussed draconian new powers to allow the Australian Signals Directorate to spy on Australian citizens for the first time.
Under the mooted plan, spies would be allowed to secretly access emails, bank accounts and text messages with approval from the defence and home affairs ministers.
Under current laws the Australian federal police and domestic spy agency Asio have the power to investigate Australians with a warrant and seek technical advice from ASD, which is not permitted to produce intelligence on Australians.
In a statement the AFP confirmed it had executed a search warrant at a residence in an ACT suburb on Tuesday.
“The matter relates to an investigation into the alleged unauthorised disclosure of national security information that was referred to the AFP,” the agency said in a statement.
“This warrant relates to the alleged publishing of information classified as an official secret, which is an extremely serious matter that has the potential to undermine Australia’s national security.
“No arrests are expected today as a result of this activity.”
In a statement News Corp Australia described the raid as “outrageous and heavy-handed”.
“The Australian public’s right to know information about government laws that could impact their lives is of fundamental importance in our society,” it said.
“This raid demonstrates a dangerous act of intimidation towards those committed to telling uncomfortable truths.”
News Corp Australia said it had “expressed the most serious concerns” about erosion of the Australian public’s right to know about government decisions that “can and will impact ordinary Australian citizens”.
“What’s gone on this morning sends clear and dangerous signals to journalists and newsrooms across Australia. This will chill public interest reporting.”
Digital Rights Watch chairman, Tim Singleton Norton, said it was “incredibly worrying” to see a raid investigating a public interest issue of “potential massive expansion of domestic capacity in Australian spy agencies”.
“We fear that the powers given to the AFP to seize and search Annika Smethurst’s digital footprint represent a considerable risk to bold Australians who choose to expose wrongdoing in the public services,” he said.
“This is a gross abuse of national security powers – using them to reinforce a culture of secrecy and lack of accountability in our law enforcement apparatus.”
Australian law prohibits unauthorised disclosure of information by commonwealth officers, an offence which gives police powers to investigate leaks informing public interest journalism.
Australia also has offences which make it unlawful for non-commonwealth officers to communicate or deal with information that has a security classification of secret or top secret or “damages the security or defence of Australia”.
Journalists have a defence of dealing with protected information where they “reasonably believe” it is in the public interest to do so, but the media union has warned the law still effectively criminalises journalism.
Police have conducted raids investigating leaks about the national broadband network, Peter Dutton’s ministerial intervention in the case of two foreign au pairs, and foreign targets of Australia’s spying.
Australia’s media…
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And a growing pile of broken promises already.
It’s alright though, the boomers still got their imputations.
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I’m a boomer and I got nothing. It’s lazy thinking to blame a generation, Ben.
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Ditto OBITV, I am a Boomer and nothing in it for me.
You should have taken Hockey’s advice and selected richer parents.
Blooody slackers.
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Nah, they simply never had a go.
Good strategy, but one that is completely alien to the Tories and their sense of entitlement.
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No worries - they will get the taxpayer to do that for them. Otherwise, you know, those 100 jobs will be lost.
Fark off. The analyses were that the richer electorates swung to Labor.It was the redneck and outer suburban electorates that went Tory.
Amazingly, each voted against their own best interests. The rednecks were too stupid to see this though.
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Liberal did a good job of jumping up and down about a number of things. Your average joe doesn’t awlays understand that what you read in papers and hear on TV can be false. Anyway, we’ve had federal liberals for years now, the country won’t collapse because of it.
Dividend imputations are perfectly fair.
It’s the refund of franking credits when you have no tax payable that got up Labor’s noses.
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Oh, kinda like Abbott’s not bad-looking daughters?