The federal election is fast approaching and, as an ordinary voter, it can be difficult to separate fact from misinformation.
It is abundantly clear that in three years of a Labor Government in Canberra our export coal industry in Queensland has gone from strength to strength. And with reforms like Same Job Same Pay, the Albanese Government is helping to lift the pay of thousands of labour hire workers across Queensland’s coalfields, so that ordinary people and regional communities see more of the benefits from the industry’s strong performance.
Let’s look at the facts.
Since the last federal election in May 2022, ten coal projects have received federal approval. In Queensland, these have included the Vulcan South, Caval Ridge, Lake Vermont Meadowbrook, Gregory Crinum, and Ensham extensions, as well as the new Isaac River mine. Federal environmental approval processes for coal mines remain the same as before, and coal mines have the flexibility to purchase offsets or invest in new technologies to fulfil emissions reduction obligations.
Australia remains by far the world’s largest exporter of metallurgical coal, supplying 46 per cent of all met coal traded between countries, and we continue to be the world’s second largest thermal coal exporter. This is not about to change any time soon. Annual production of metallurgical coal is in fact forecast by the Department of Industry, Science and Resources to rise by about 10 per cent by 2026, with thermal coal production volumes steady.
Export coal is highly profitable, and mining companies know it.
It’s true that some large global mining companies are divesting from coal, like Anglo American (or Rio Tinto before it), but these decisions are driven by an interest in focusing on lucrative critical minerals like copper in order to please international shareholders. Recent experience proves that when coal mines are placed on sale, motivated buyers abound and, after a few years of windfall profits, they have mountains of cash behind them.
In our own state we have seen Whitehaven emerge victorious in the highly competitive sale of Blackwater and Daunia mines, and Peabody scoop up Anglo’s coveted metallurgical coal business. In New South Wales, Appin and Dendrobium mines were snaffled up by a consortium which counts among its members Queensland coal magnate Matt Latimore. Meanwhile, the current sale process for Kestrel is reportedly attracting interest from Stanmore and Yancoal.
If the Labor Government was the danger to the coal industry that the LNP wants us to believe it is, we wouldn’t see so many companies so enthusiastic about increasing their exposure to the commodity.
PM Anthony Albanese has repeatedly said that the future of the export coal industry will be in the hands of our customers and Australia will supply coal while there is demand. The Labor Government has drawn the ire of the Greens by approving coal projects, backing gas and refusing a moratorium on new fossil fuel projects.
Both Labor and the LNP have a target of net zero emissions by 2050 – but only Labor has a plan for co-ordinated national support for power station workers displaced when coal and gas plants reach the end of their operating lives.
The LNP likes to paint itself as the only friend of the mining industry in politics. But, in truth, their allegiance to mining extends only as far as the C-suite in Brisbane or Perth. In the hands of the LNP, the mining industry is a profit spinner for the big end of town, instead of the source of shared wealth we know it should be for our regional communities.
The real risk to coal miners this election is an LNP Government that will side with the bosses while reversing the gains made by workers – like Same Job Same Pay, delegates’ rights and fairer bargaining laws – all fought for by Unions.
Mitch Hughes
President Mining and Energy Union Queensland District
