Antinuclear

Tax-payers paid up big for Queensland’s Abbot Point coal port expansion

While the environmental risks of the Abbot Point port expansion have been widely reported, the economic impacts have been overlooked, according to the Australia Institute.

The thinktank found Queensland taxpayers had contributed $1,947.1m to the project despite no public cost-benefit analysis of the project being done.

“The Queensland government money spent on Abbot Point comes at the expense of spending on other government services such as education and health. This fact has been emphasised by Queensland Treasury,” the paper, released on Friday, says.

“… No cost-benefit analysis or other economic assessment has been conducted, contrary to Queensland government guidelines and statements by treasurer Tim Nicholls. The dubious financial viability of Galilee Basin coal projects threatens the expansion of Abbot Point and the large sums spent by taxpayers.”

The Abbot Point port is in central Queensland, adjacent to the Great Barrier Reef. Ships accessing the port must pass through the reef and it is being upgraded to a capacity of 70m tonnes of coal a year. In the 2013-14 financial year 30m tonnes of coal passed through the port……….http://www.theguardian.com/australia-news/2015/jan/15/queensland-taxpayers-subsidised-abbot-point-coal-port-expansion-by-up-to-2bn

January 17, 2015 - Posted by Christina Macpherson | General News