Business

Adani’s economic outlook 'makes no sense'

AN economist has slammed mining giant Adani and its prediction that its coal from Carmichael Mine will be better than any other coal on the market.

Economist Richard Denniss gave evidence in the Queensland Land Court on Tuesday which criticised an Adani economist's expectation on how the Carmichael Mine would affect the coal market.

Barrister Saul Holt, who is representing environmental group Coast and Country in its legal battle against Adani, asked Dr Denniss's thoughts on a report and evidence given by Adani economist Dr Jerome Fahrer, which outlines the mine's projected economic impact.

Dr Denniss said Dr Fahrer's modelling did not make sense.

"If a first year economics student told you that they thought that Adani coal from Queensland had unique special attributes that traded differently in a world coal market, you would fail them," Dr Denniss said bluntly.

"No one is looking around for luxury coal in the hope of paying a premium for it.

"I think it's remarkable to suggest that you would model the coal market in such a way that there is special Adani coal with unique attributes that someone wants to buy."

The Carmichael Mine's effect on wages across Queensland was also discussed during the court case on Tuesday in the Queensland Land Court.

"The labour market is really complicated," Dr Dennis explained.

"But when we say things like building a new mine will create 10,000 jobs, and these claims get made all the time by proponents of large projects, the first thing an honest economist asks themselves is where would 10,000 skilled workers come from?"

Dr Denniss pointed out a discrepancy in Dr Fahrer's economic report.

"It is interesting because he says on the one hand that the mine is really quite small, won't create a lot of jobs at a national level... But it does in his model actually drive up wages more around Queensland in surprising sectors, like retail.

"If you think that building a mine at Carmichael will increase retail wages in Brisbane, and if you think higher retail wages will attract more people to work in retail, then his assumptions are OK.

"But I think that's very unlikely. I think the effects of wages are not nearly as broad as he suggested."

Topics:  adani carmichael coal mine mining



Rocky travel agent gives US Army guy drunken lift to barracks

Shiven Haresh Mukhi pleaded guilty to one count of drink driving in the Rockhampton Magistrates Court on August 17.

Travel agent's BAC triple the legal limit

Young Coast boy's big step forward in brave cancer battle

Nine-year-old Anthony Kiely rang the bell at Lady Cilento Children's Hospital on August 4, marking the end of he treatment for Acute Lymphoblastic Leukaemia (ALL) which he was diagnosed with on February 25, 2014.

How your pocket change could help kids like Anthony

Local Partners

Dysart residents reunite

50 PAST and present residents of Dysart enjoyed the 11th CQ Dysart Reunion on July 30th at Bell Park, Emu Park.


Get Set for Summer

Win One of Ten Prize Packs
Learn More

What's on this weekend in Rockhampton and the Cap Coast

Head trackside this weekend for the Yeppoon Races at Keppel Park.

We've got the gossip of what's happening this weekend.

The world's best in things that roll embark on Rocky

AUSTRALIAN FIRST: Colin Cole from CQUniversity with Sebastian Stichell from KTH Royal Institute of Technology in Sweden at the 25th International Symposium on Dynamics of Vehicles on Roads and Tracks.

International symposium held in Australia for the first time

'ShuShu lets me get away with anything': former Rocky drag queen

ShuShu Funtanna aka David McKone will return to Rockhampton at the weekend in a homecoming performance of fabulous drag show, Bubblegum Candy Princess at Flamingo's on Quay.

WATCH: Drag queen's hilarious marriage equality message

What's on the small screen this week

JESSICA Marais returns in The Wrong Girl and The Block's kids bedrooms are sure to inspire.

Playing Tom Cruise's wife was a dream for Sarah Wright

Tom Cruise and Sarah Wright in American Made.

The actress stars opposite Cruise in the action comedy

Taylor Swift wipes presence off social media

Singer Taylor Swift has deleted her social media accounts

Social media wipeout prompts rumours of a new album

Swedish TV drama turns up heat

Louise Nyvall stars in the Swedish TV series Farang.

Scandinavian crime thriller goes troppo

Aboriginal artists' call to action

Anwar Young, winner of this year's overall prize and last year's young artist prize.

Important messages of survival and healing

Radio host Matt Okine leaps to small screen

Valene Kane, Matt Okine and Harriet Dyer star in the TV series The Other Guy.

First foray into acting a long time in the making

Hollywood’s new highest paid actress

Jennifer Lawrence had to settle for third this year behind Emma Stone and Jennifer Aniston.

CAN you guess who has dethroned Jennifer Lawrence?

EXPLAINED: What the 'Costco effect' means for Ipswich

PRICE WARS: A Costco store similar to this one in Canberra, is planned for Ipswich.

Exclusive 'cult' about to change how families do grocery shopping

4800 homes to be built in massive new Coast estate

Masterplanned community full steam ahead - it's not Caloundra South

Open for inspection homes August 17 - 23

Check out this weekend's homes open for inspection.

Airbnb, Stayz and co tipped to squeeze Coast housing market

HOLIDAY BOOM: Airbnb letting is putting a further squeeze on long-term rentals.

Councils exploring options to manage the industry