Stopping the coal industry would spell disaster

Dr Ziggy Switkowski: "The consequences come in a number of flavours.  Firstly we will lose substantial export revenues and the export of coal is still our number one source of export dollars, in an economy which is largely driven by our resources industries.  Clearly any attempt to minimise our involvement in coal mining and export will have an impact upon jobs, politically and socially, that is a huge issue.  It'll also seek to re-direct the kind of historical evolution of this country.  We're still enjoying the benefits of an extended mining boom and high commodity prices.  In many ways the Australian economy has performed differently to other economies because we've had the benefit of these large reserves of much sought after resources.  It goes beyond coal, to gas, copper, gold, etc.  So I think you tamper with coal at your peril, at your economic peril, at your price of energy and electricity and to some extent a prosperity dimension and you're acting demonstrably irrationally because we enjoy a certain position globally but that position could easily be substituted by other economies.  South Americans, increasingly the Africans, the Canadians, the Americans."

Categories: Australia Energy Issues, Coal in Australia, Economy, Global Markets, Jobs
Author: Dr Ziggy Switkowski
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